The Reliance Anil Dhirubhai Ambani Group (ADAG) Tuesday signed three accords worth Rs.105 billion (Rupees.10,500 crore/US$2.13bn) with the Gujarat government as part of its investment commitment to the state.
Addressing the Vibrant Gujarat Global Investors’ Summit here Tuesday, group chairman Anil Ambani said the investments would be made for building a port jetty in Saurashtra, a major power plant and three cement factories.
The chairman, whose group’s interests span telecommunications to energy and financial services, said he was committed to invest in Gujarat not just to help the state’s ambitious industrialisation plans but also to create jobs for the people of Gujarat.
The three agreements were signed on the last day of the two-day annual summit here that has seen a total of 8,500 memoranda of understanding (MoUs) being signed, promising an investment worth a whopping Rs.12 trillion (Rs.120,000 crore).
Like Tata group chairman Ratan Tata and Aditya Birla group chief Kumar Mangalam Birla, Ambani, too was all praise for Gujarat Chief Minister Narendra Modi, whom he described as the "next leader of India".
"Under your leadership there is a new-found confidence in Gujarat, enthusiasm and determination to succeed," said Anil Ambani at the valedictory function, reflecting the tone of numerous corporate leaders from India and overseas during the event.