Vibrant Gujarat: $56.43 bn fund for urban development

Eleven memoranda of understanding (MoUs) worth Rs.25,397 crore ($56.43 billion) for different urban development projects were signed during the 5th Vibrant Gujarat Global Investors Summit here Thursday.

The major agreements include a Rs.5,200 crore ($11.55 billion) deal with Essel Group for solid waste management, sewage treatment in Ahmedabad, Baroda and Surat, land fill, gas capture and electricity generation project in Ahmedabad and Vapi and desalination project in Surat, according to an official statement released here.

L & T Infrastructure Development has committed Rs.5,000 crore ($11.11 billion) investment for the Ahmedabad Monorail project.

Other major committed investments include Sintex Industries Rs.2,500 crore ($5.55 billion) investment on affordable housing for low income group people, Tata Housing’s project worth Rs.1,000 crore ($2.22 billion) and Sevvy Unispace’s knowledge park township and commercial development worth Rs.3,065 crore ($6.81 billion).

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