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Rs 50,000 crore worth MoUs signed on 2nd day of Vibrant Gujarat

Over Rs 50,000 crore worth MoUs for investments and credit were signed at the end of the second day of the Vibrant Gujarat Global Summit with State Bank of India leading the pack.

SBI signed memorandum of understanding with the Gujarat Government for extending bank credit especially in priority sector. Under the MoU country’s largest lender will give Rs 30,000 crore worth loans over two-year period, officials announced at the Summit here.

NABARD inked an MoU for rural financing worth Rs 13,000 crore while Union Bank of India entered into a pact with the state government for providing Rs 5,600 crore of bank finance across various sectors.

The aforementioned investment commitment is besides the Rs 49,000 crore investment Adani Group Chairman Gautam Adani had announced on Wednesday in expansion of capacity of three ports in the state as well as foraying into water and cement businesses over the next five years.

The BSE and NSE – the two leading stock exchanges in the country, also envisaged an investment of Rs 500 crore each in GIFT City for setting up International Exchange and international clearing corporation. MRF also plans to invest Rs 4,500 crore in the state over a period of 10 years to set up manufacturing unit.

MCX also outlined setting up of business continuity facility here.

Urban development department has signed 1,575 investment intention with various companies, in the area of domestic real estate and waste management companies.

The summit saw participation from 110 foreign countries, they said.