New Delhi, Jan 12 (PTI) Torrent Group has signed four MoUs to invest Rs 47,350 crore in areas of solar energy, green hydrogen, and power distribution in Gujarat, its Chairman Emeritus Sudhir Mehta said on Friday.
"In line with our strategic priorities and encouraged by our positive experience of working in Gujarat, I am pleased to share that Torrent Group has signed 4 MoUs during Vibrant Gujarat 2024, entailing a total investment of Rs 47,350 crore," Mehta said in a statement.
The group entity Torrent Power signed four non-binding Memoranda of Understanding (MoUs) with the Gujarat government across areas of renewable generation, pump storage hydro projects, green hydrogen production and power distribution.
The first MoU comprises setting up of 3,450 MWs of solar projects and 1,045 MWs of hybrid power projects entailing a proposed investment of Rs 30,650 crore.
Another MoU entails investment of Rs 4,500 crore in development of infrastructure of a solar park for 7,000 MW capacity in Banaskantha district, as per the statement.
The third MoU is for setting up a green hydrogen production facility with a capacity of 100 KTPA (kilo tonne per annum) entailing an investment of Rs 7,200 crore.
The fourth MoU pertains to investment of Rs 5,000 crore in Torrent Power's distribution business in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR.
Torrent Group is one of the largest investors in Gujarat across pharmaceuticals, power generation, power distribution, and gas distribution sectors, Mehta said.
These MoUs are expected to create over 26,000 direct and indirect jobs in Gujarat, he added.