Torrent Group to Invest Rs 47,350 Crores in Gujarat

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Torrent Group to Invest Rs 47,350 Crores in Gujarat; Sudhir Mehta Announces Four MOUs at VGGS 2024

| Updated: January 13, 2024 10:11

Torrent Group Chairman Emeritus Sudhir Mehta announced the company’s plans to invest over Rs 47,350 crores in Gujarat during the closing ceremony of the 10th edition of the Vibrant Gujarat Global Summit held at the Mahatma Mandir in Gandhinagar.

Mehta expressed his gratitude towards the visionary leadership of Prime Minister Narendra Modi and the dynamic leadership of Gujarat Chief Minister Bhupendrabhai Patel for their continued efforts in fostering a pro-business environment in the state.

Sudhir Mehta Chairman Emeritus Addressing Valedictory Session at Vibrant Gujarat

He highlighted the progress made by Gujarat over the past 20 years, crediting the state’s supportive infrastructure and progressive policies for its rise as a leading investment destination in India.

Mehta announced that Torrent Group would be investing in four major projects across the renewable energy, hydrogen production, and electricity distribution sectors. The proposed investments are as follows:

  1. Solar and Hybrid Power Projects: Torrent Group will establish 3,450 megawatts of solar projects and 1,045 megawatts of hybrid power projects with an investment of Rs 30,650 crores.
  2. Solar Park Development: With an investment of Rs 4,500 crores, the group will support the development of solar park infrastructure with a capacity of 7,000 megawatts in the Banaskantha district.
  3. Green Hydrogen Production: Torrent will invest Rs 7,200 crores in a green hydrogen production project with a capacity of 100 kilotonnes per annum.
  4. Electricity Distribution: With an investment of Rs 5,000 crores, the group will expand its electricity distribution network in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Bechraji SIR.

Mehta emphasized that these investments will create over 26,000 direct and indirect jobs in the state. He expressed his confidence in Gujarat’s business environment, highlighting the group’s positive experience and commitment to the state.

Sudhir Mehta at the Valedictory Session of Vibrant Gujarat

Torrent Power, the flagship company of the Torrent Group, has signed four Memorandums of Understanding (MOUs) with the Gujarat government. The MOUs cover projects in the fields of renewable energy generation, pump storage hydropower, green hydrogen production, and electricity distribution.

With a strong presence in the pharmaceuticals, power generation and distribution, and city gas distribution sectors, the Torrent Group has a revenue of Rs 37,500 crores (USD 4.5 billion) and a market capitalization of approximately Rs 1,30,000 crores (USD 15.7 billion).

Torrent Pharma, the group’s flagship company, is a significant player in the global pharmaceutical industry, with a focus on the cardiovascular and CNS segments and a presence in 40+ countries.

Torrent Power is one of the largest private-sector power companies in India, with a presence across the entire power value chain, including power generation, transmission, and distribution.

Through its city gas distribution business, Torrent Gas is one of the leading players in the sector, serving customers in 34 districts across seven states and one Union Territory.

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