Ahmedabad-based Torrent Group has signed four non-binding memorandums of understanding (MoUs) with the Gujarat government. The MoUs cover areas such as renewable energy, pump storage hydro projects, green hydrogen production, and power distribution. These projects will require a total investment of over Rs 47,000 crore.
The first MoU focuses on setting up 3,450 MWs of solar projects and 1,045 MWs of hybrid power projects, with an investment of Rs 30,650 crore. The second MoU involves an investment of Rs 4,500 crore in the development of infrastructure for a 7,000 MW capacity solar park in Banaskantha district.
The third MoU is for a green hydrogen production facility with a capacity of 100 KTPA and an investment of Rs 7,200 crore. The fourth agreement pertains to an investment of Rs 5,000 crore in Torrent Power’s distribution business in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR.
These projects are expected to create more than 26,000 direct and indirect jobs in Gujarat, according to Sudhir Mehta, Chairman Emeritus of the Torrent Group. Mehta also commended the leadership of Prime Minister Narendra Modi and Gujarat Chief Minister Bhupendra Patel for facilitating ease of doing business in the state.
The MoUs were announced on the final day of the Vibrant Gujarat summit.
