Torrent Group Commits Rs 47,350 Crore Investment Surge in Renewable Energy and Power Distribution in Gujarat

In a significant move, Torrent Group, led by Chairman Emeritus Sudhir Mehta, has inked four Memoranda of Understanding (MoUs) during Vibrant Gujarat 2024, signaling a substantial investment of Rs 47,350 crore. The agreements, executed by group entity Torrent Power, encompass key areas such as solar energy, green hydrogen production, pump storage hydro projects, and power distribution.

The first MoU outlines the establishment of 3,450 MWs of solar projects and 1,045 MWs of hybrid power projects, with an anticipated investment of Rs 30,650 crore. Another agreement involves a Rs 4,500 crore investment in the development of infrastructure for a solar park capable of generating 7,000 MW in Banaskantha district.

The third MoU focuses on the creation of a green hydrogen production facility with a capacity of 100 KTPA (kilo tonne per annum), entailing an investment of Rs 7,200 crore. Lastly, the fourth MoU pertains to a Rs 5,000 crore investment in expanding Torrent Power’s distribution business across key areas, including Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR.

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Sudhir Mehta expressed satisfaction with the strategic alignment of these investments with the group’s priorities and highlighted their positive experiences working in Gujarat. Torrent Group has been a prominent investor in Gujarat, spanning pharmaceuticals, power generation, power distribution, and gas distribution sectors.

The implementation of these MoUs is anticipated to generate over 26,000 direct and indirect job opportunities in Gujarat, further contributing to the state’s economic growth and sustainable development.