VGGS 2024: Zydus, Nayara Energy, Welspun announce investment plans for Gujarat

Gandhinagar: During the final day of the Vibrant Gujarat Global Summit on Friday, several business groups announced their plans for investment in the state across various sectors. Notable among these are Zydus, Nayara Energy, Welspun, CISCO, and NAMTECH.

Zydus Group’s Chairman, Pankaj Patel, revealed the company’s intention to invest Rs 5,000 crore in Gujarat across various sectors. The investment will encompass biotechnology products, initiatives in new medical devices, and the development of hospitals within the healthcare sector.

Nayara Energy also disclosed plans for the expansion of its Vadinar refinery and a 50% increase in its retail network nationwide. An $800 million investment in a plant, previously announced during the 2019 edition of the summit, is set to become operational in the coming months.

Welspun Group’s Chairman, Balkrishan Goenka, outlined the conglomerate’s commitment to invest Rs 40,000 crore in Gujarat over the next five years. This substantial investment will be allocated to diverse projects, including ventures into green hydrogen and green ammonia.

In another development, the technology company CISCO and NAMTECH inked an MoU to establish a talent pipeline comprising over 5,000 engineers and technicians within the next five years. The partnership aims to provide training in cybersecurity and Artificial Intelligence (AI) for the manufacturing industry.