India’s Gujarat signs investment pacts worth $18.75bn with several firms

AHMEDABAD: Companies across many sectors on Wednesday signed initial investment pacts totalling $18.75 billion for projects they will build in India’s western state of Gujarat, according to a government statement.

As part of the deals, an arm of Welspun Enterprises will invest $5.11 billion, partly to build green hydrogen and green ammonia facilities, documents reviewed by Reuters showed.

The string of investment pacts come days ahead of India’s Prime Minister Narendra Modi opening the state’s biennial investment forum where he wants to boost his home state of Gujarat’s manufacturing capabilities in key sectors. Other heads of state and business leaders are expected to attend the forum.

Deals inked on Wednesday also include agreements with state-backed Housing and Urban Development Corp to disburse loans worth 145 billion rupee ($1.74 billion) and with the National Bank of Agriculture and Rural Development to provide financing worth 260 billion rupees, documents showed.