India's Gujarat state on Wednesday signed initial investment agreements worth 7.17 trillion Indian rupees ($86.07 billion) with 58 companies operating in sectors such as energy, oil and gas, and chemicals, its government said. The home state of Prime Minister Narendra Modi, Gujarat has been signing these agreements ahead of its biennial Vibrant Gujarat Global Summit, which is scheduled to take place in state capital Gandhinagar from Jan 10 to Jan 12. The companies that signed the pacts included NTPC Renewable Energy Limited, which proposed an investment of 900 billion Indian rupees ($10.80 billion) to create 15 gigawatt (GW) renewable energy parks and projects to meet the agricultural sector's power needs, a senior Industries Department official said. NTPC also proposed a further investment of 700 billion Indian rupees ($8.40 billion) for fuel cell electric vehicle mobility, hydrogen blending with natural gas, production of green chemicals such as ammonia and methanol, and 5GW hydrogen-based energy storage projects, the official added.

Source: bd News24 January 04, 2024 01:52 UTC