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Corporate top guns laud Modi

delhi Updated: Jan 13, 2011 01:21 IST
HT Correspondent

India's top corporate honchos on Wednesday showered praises on Gujarat chief minister Narendra Modi for transforming the state into a global investment hub and committed mega investments worth Rs15 lakh crore.

"In its golden jubilee year, Gujarat is shining like a land of gold under the effective, visionary and passionate chief minister Narendra Modi," said Mukesh Ambani, chairman and managing director of Reliance Industries Limited, on the inaugural day of the biennial global conclave, Vibrant Gujarat.

Besides Mukesh Ambani, the who's who of the country's corporate world, including Anil Ambani, Ratan Tata, Gautam Adani, Kumar Mangalam Birla, AM Naik, Adi Godrej, Anand Mahindra, GM Rao, Ajit Gulabchand and Karsanbhai Patel, are participating in the two-day conclave.

Mukesh Ambani signed half-a-dozen memorandums of understanding (MoUs) promising investments of around Rs70,000 crore in the next five years.

His younger brother, Anil Ambani, committed Rs50,000 crore investment in energy and cement industries by 2018.

Praising Modi, Anil Ambani, chairman of Anil Dhirubhai Ambani Group, exhorted other states to take a cue from Modi. "Gujarat is a role model for other states to learn from... Narendra bhai has single-handedly transformed the state into a power state."

Tata Group chief Ratan Tata said: "The leadership of Narendra Modi has proved that Gujarat is not only seeing industrial growth but is also witnessing rural development."

Ahmedabad-based Gautam Adani, chairman of the Adani Group, announced an investment of Rs80,000 crore in ports, power and infrastructure. "While two new ports at Hazira and Dholera are being developed, we are also expanding the ports at Mundra and Dahej," he said.

While diversified conglomerate Essar Group committed Rs30,000 crore for projects in various sectors, construction and technology giant L&T said it would invest Rs15,000 crore in the state's infrastructure.

Farm equipment-to-software group Mahindra & Mahindra also announced investments of Rs3,000 crore.

This one's for you, big brother

Anil Ambani on Wednesday produced much mirth at the investment meet here when he greeted his elder brother Mukhesh Ambani.

"Respected my elder brother Shri Mukesh Ambani," he said, looking at his sibling seated in the front row of the audience at the 5th Global Summit of Vibrant Gujarat here. A round of thunderous applause followed.

The sons of renowned late industrialist Dhirubhai Ambani were engaged in a bitter battle since 2004 over dividing the Reliance empire, which was capped by the dispute over sharing and pricing of natural gas from the Krishna-Godavari basin. After the Supreme Court judgement in the gas dispute, there had been at least no no open war between the two.