GHCL Limited’s shares were up by 2.17 per cent after the company signed two Memorandums of Understanding (MOUs) during the Vibrant Gujarat Summit, outlining investments totalling Rs 3,450 crore in Gujarat. The MOUs were inked in the presence of the Chief Minister, Bhupendra Patel, his senior ministers, and GHCL representatives.
The first MOU involves an investment of Rs 2500 crore in the Kutch district of Gujarat. This funding will facilitate the second-phase expansion of the Greenfield Soda Ash plant and the establishment of a Vacuum Salt plant. The investment, spanning four years, is expected to generate direct and indirect employment for over 10,000 people.
The second MOU outlines a Rs 950 crore investment in Bhavnagar, situated in the Saurashtra region of Gujarat. The funds will be allocated to the mining of Bentonite and Sand, integral components found during lignite mining. Bentonite will be supplied to various industries, serving as a raw material for fertilisers, foundries, cosmetics, and pharmaceuticals, among others. Sand, another byproduct, will be utilized in the construction industry.
The company reported that its Khadsaliya Lignite mines in Bhavnagar recently received a “5-Star rating” from the Ministry of Coal, Government of India, in December 2023, making it the first lignite mine in Gujarat to achieve this distinction.
The shares were up by 2.06 per cent to Rs 607.95 at close on the BSE.’