Shell India Private Limited, one of India’s most diversified international energy companies, signed a Memorandum of Understanding (MoU) with the Government of Gujarat to invest Rs 3500 crore in the state. The MoU was signed in the presence of Gujarat Chief Minister Bhupendra Patel and Minister of State Harsh Sanghavi.
As per the MoU, Shell will invest Rs 2200 crore to set up a renewable energy generation plant in 1200 acre land in Banaskantha district of North Gujarat. This investment will generate direct or indirect employment for more than 1000 people. The commercial production at the plant is expected to start by 2027.
Apart from this, Shell India will invest Rs 500 crore in the projects of LNG regasification terminal, asset integrity rejuvenation and debottlenecking project. These projects will generate employment for 375 people.
The MoU signed on Wednesday are in line with the upcoming Vibrant Gujarat Summit in January 2024. Till now, in the four MoU signings, the state government has signed 14 MoUs resulting in an investment of Rs 3874 crore. This investment will create employment opportunities for more than 9,500 people. These employment generations include 2100 employment opportunities in the textile sector, 700 in engineering, 500 in pharma and 3085 in chemical sector.
Chief Minister Bhupendra Patel said, “The policies of the state government created a positive ecosystem in the state under which, it is possible for the investors to establish businesses in the state at a remarkably fast pace.”
He further said, “In the renewable Energy sector, Gujarat has emerged as a leading state. Business friendly policies and remarkable basic and infrastructural services have made Gujarat the first investment choice for the investors.”