China's Sany Group to invest $2 bn in Gujarat; signs MoU

This is one of the biggest single MoU's signed by any state government in India


Chinese conglomerate Sany Group on Monday signed an MoU with the Gujarat Government to invest a staggering $2 billion over the next five years in various energy and infrastructure projects in the state.

The pact for the proposed investment in the west Indian state was signed on Monday in the presence of Gujarat Chief Minister Vijay Rupani at Gandhinagar after his meeting with the Chinese delegation, led by Liang Wengen, Chairman of the board, Sany Group, an official release said.

After an hour long meeting, it was decided that Sany Group would be investing USD 2 billion over the next five years.

This is one of the biggest single MoU signed by any state government in India, it added.

Gujarat Industries Commissioner Mamta Verma said, "I welcome Sany Group to Gujarat and ensure all support from the Government. We look forward to timely completion of the projects and am confident that these projects will help us make Gujarat greener, smarter and future-ready".

As per the MoU, Sany Group will invest in five different projects, including development of a 1000-MW wind energy project, another 1000-MW of wind-plus-solar power generation project, setting up facility to manufacture wind turbines, developing one small size smart city and setting up a factory to produce pre-cast concrete for the mass housing projects and other real estate Projects.

As per the MoU, which was signed ahead of the Vibrant Gujarat Global Summit to be held next year, state government will provide necessary support to Sany Group in obtaining necessary permissions, registrations, approvals, clearance, etc from the concerned departments of the state.


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PTI - Nov 29, 2016 12:00 IST