In the presence of the Chief Minister of Gujarat, Bhupinder Patel, 12 MoUs worth Rs 14165 crores were signed with various companies at the Vibrant Gujarat Summit. This includes MoU signed with the energy storage and electric mobility startup, Matter which plans to invest Rs 1500 crores in the coming 5 years in Gujarat.
“The investment proposals signed between various industry representatives and the state government were for manufacturing of electric two-wheeler, chemicals, pharma API, organic paper, metal, jewelry, and dyes,” a release said.
A Memorandum of Understanding (MoU) was signed with the government of Gujarat to invest Rs 300 crores in energy storage and Rs 1200 crores in electric mobility. The investment will also deploy 4000 job opportunities in the state.
Matter indigenously develops smart transformative and integrated technologies for enterprise clients and consumers. Matter manufactures home inverters, solar home lighting systems, battery packs, and UPS systems.
Speaking about the MoU, Mohal Rajiv Lalbhai, founder and CEO of Matter said, “Matter is committed to redefining electric mobility and energy storage in India and this MoU reflects the steps we are taking in this regard. We have committed to investing INR 1,500 crore with the state government of Gujarat, counted among India’s most progressive and industry-friendly states. The investment spread across five years has the potential to generate 4,000 jobs in the state and will go a long way in building the foundation of Matter as a transformative technology start-up in the country and beyond.”
Another MoU of Rs 7500 crores was signed by a chemical conglomerate SRF Limited for manufacturing chemicals at Dahej PCPIR (Petroleum, Chemical, and Petrochemical Investment Region).