Vibrant Gujarat Global Summit 2024: Top 10 investment announcements

The Vibrant Gujarat Summit 2024 saw the announcement of investments worth billions from leaders like Gautam Adani and Mukesh Ambani.

The Vibrant Gujarat Global Summit 2024 kicked off on January 10, and will continue till January 12. While Prime Minister Narendra Modi's strong words of confidence towards the development of the nation were the highlight of the event, top global business leaders made significant announcements of investments and projects in India on Wednesday.

Gautam Adani (Left) and Mukesh Ambani (Right) made crucial announcements at the Vibrant Gujarat Global Summit 2024.

India's two richest businessmen - Gautam Adani and Mukesh Ambani - took the stage during the Gujarat summit and talked about the future of the conglomerates in the state. They also announced investments worth billions in Gujarat in the coming years.

Vibrant Gujarat Summit 2024: Top 10 announcements

1. India's richest man Gautam Adani announced during the Vibrant Gujarat Global Summit 2024 that his company Adani Groups will invest $24 billion in Gujarat over the next five years. He said that this will create 1 lakh jobs in Gujarat.
2. Further, Gautam Adani said that his firm will invest around $100 billion towards the shift to green energy in the country over the course of 10 years.
3. Reliance Industries chairman Mukesh Ambani said on Wednesday that his firm will be setting up India's first and world-class carbon fibre facility at Hazira, Gujarat. Ambani further said that Reliance will set up a green energy giga complex on 5,000 acres in Jamnagar in 2024.
4. Mukesh Ambani confirmed India's bid for the 2036 Olympics, and said that Reliance will assist the authorities in developmental projects regarding the same.
5. Tata Group Chairman N Chandrasekaran announced during the Gujarat summit that the company is planning to build a semiconductor fab in Gujarat's Dholera, and it will begin operations in 2024 itself.
6. Further, Tata Group will also construct a 20 gigawatt lithium ion storage battery factory in the state's Sanand over the next two months.
7. Suzuki Motor Corporation President Toshihiro Suzuki said at the summit that the global auto company will invest ₹35,000 crore to set up its second manufacturing facility in Gujarat. The company is looking to ramp up its annual production capacity to over 40 lakh units by 2030-31.
8. Dutch and Singapore firms announced investments worth over $7 billion in India in the upcoming financial year. Further, global tech firm Nvidia said that its partner firm Yotta is set to commission an "artificial intelligence data centre" in the GIFT City before March 2024.
9. ArcelorMittal chairman Lakshmi Mittal announced that his firm will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, having a capacity of 24 million tonnes per annum.
10. During his address at the summit, PM Narendra Modi said that all major agencies have estimated that India will be in the top three economies of the world in the coming years. He also said that India has inked important MoUs with the United Arab Emirates, planning investments worth billions in Gujarat and other states.