Rajasthan business summit attracts investment worth nearly ₹70K crore

Rajasthan’s ambitious business summit, Invest Rajasthan 2022, began on Wednesday (August 24) in the national capital and MoUs worth almost ₹70,000 crore were signed by various firms.

Rajasthan Chief Minister Ashok Gehlot exuded confidence that investment commitments worth ₹1 lakh crore would come in September following a conducive environment for investors in the state.

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The investments were envisaged in various districts across the state, including Bhilwara, Chittorgarh, Jhalawar, Ajmer, Jaipur, Udaipur, Alwar, etc. where RIICO (Rajasthan State Industrial Development and Investment Corporation) has developed special sectoral zones over the years.

“We hope that investment MoUs (commitments) worth ₹1 lakh crore will be signed in September. Besides, more investors are expected to come to the state later during Invest Rajasthan scheduled on October 7 and 8 in Jaipur,” he said.

Gehlot also informed that the state government had created a single window (one point clearance) for investors, which helped in creating a conducive environment for investment in the state.

About materialising the investment commitments, Gehlot said that “we hope that 40 per cent of the commitments would be fructifying”. He also said that under Vibrant Gujarat, only about 15 to 20 per cent of investment commitment materialised.

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Some of the notable investors have lined-up huge projects such as Avaada Power has proposed to invest about ₹40,000 crore in green hydrogen and ammonia; O2 Power SG Pte has proposed ₹25,000 crore in renewable energy and solar power; and Asahi India Glass Ltd has promised ₹1,400 crore in Chittorgarh; Saint Gobain has proposed to set up float glass manufacturing with the investment of ₹1,000 crore in Alwar.

Varun Beverages Ltd will establish a ₹636 crore manufacturing unit for carbonated soft drinks, fruit juices and packaging products and Wipro committed to investing ₹200 crore in Jaipur for hydraulic cylinders.

In a BSE filing, state-owned hydro power giant NHPC stated that now a memorandum of understanding (MoU) has been signed on Wednesday between the Rajasthan government and NHPC Renewable Energy Ltd (a wholly-owned subsidiary company of NHPC Ltd) for the development of ultra mega renewable energy power park in the state.

Under the MoU, both parties may collaborate and cooperate on setting up 10 GW RE (renewable energy) parks (UMREPP)/ projects at sites identified inside Rajasthan by optimum utilisation of resources and knowledge base of both parties. They will also develop RE parks and projects in the areas identified.

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The RE projects will be developed either on EPC or developer mode by NHPC REL. In another statement, state-owned SJVN Ltd stated that the company had signed an MoU with the Rajasthan government for developing 10 GW renewable energy projects/parks. With the addition of 10,000 MW capacity, the portfolio of SJVN has now reached 42,000 MW.

Over 40,000 units are already operational in the RIICO industrial areas and over 150 more industrial parks are under the planning process. Rajasthan is becoming a strategic location for any investor as it covers about 58 per cent of the DMIC (Delhi Mumbai Industrial Corridor) influence area and the new GAS Grid project spread over 1,730 Km.

(With inputs from agencies)