Torrent Group signs MoUs to invest Rs 47,000 crore in Gujarat

Ahmedabad-based Torrent Group said on Friday that it signed four non-binding memorandums of understanding with the Gujarat government in areas of renewable energy, pump storage hydro projects, green hydrogen production and power distribution, entailing a total investment of more than Rs 47,000 crore.

The proposed projects are expected to create more than 26,000 direct and indirect jobs in Gujarat, said Sudhir Mehta, chairman emeritus of the Torrent Group that has businesses ranging from pharma to power generation. The MoUs were announced on the final day of the Vibrant Gujarat summit.

The first MoU is on setting up 3,450 MWs of solar projects and 1,045 MWs hybrid power projects entailing an investment of Rs 30,650 crore.


The second MoU is on investment of Rs 4,500 crore in the development of infrastructure for a solar park of 7,000 MW capacity in Banaskantha district, while the third pact is for setting up a green hydrogen production facility with a capacity of 100 KTPA and investment of Rs 7,200 crore.

The fourth agreement pertains to investment of Rs 5,000 crore in Torrent Power’s distribution business in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Mandal Becharaji SIR.

Mehta hailed the leadership of Prime Minister Narendra Modi and Gujarat chief minister Bhupendra Patel for institutionalising ease of doing business.

“Twenty years ago, when PM Modi, who was the then chief minister of Gujarat, held the 1st Vibrant Gujarat summit, many international investors were sceptical about the kind of facilitation and support they would receive in Gujarat. Since then, the Vibrant Gujarat summit has come a long way and over the last 20 years, thanks to these summits and support from the state government to industries ... Gujarat has cemented its position as India’s growth engine,” Mehta said.