HCC enters renewable energy sector
Hindustan Construction Company Ltd. (HCC) has signed a Memorandum of Understanding (MoU) with the Government of Gujarat for setting up a renewable energy park at its proposed waterfront city at Dholera Special Investment Region, Ahmedabad district being developed on the lines of Lavasa. This is the first time that the company is in entering into renewable energy business with an estimated investment of Rs 12000 crore. The MoU was signed today at the Vibrant Gujarat Summit.
Speaking at the occasion Ajit Gulabchand, Chairman and Managing Director of HCC said, “Setting up a renewable energy park at the proposed water front city will serve as an ideal platform for companies looking to make investment in renewable energy sources in India. It would be the regional / global hub for R&D and Manufacturing in the renewable energy space. We will have the non-polluting value added industries in this city such as IT and Biotech and this initiative will act as a driver for the development of Waterfront City.”
The renewable energy park will be set up on approximately 600 acres within the land parcel offered for the proposed waterfront city at Dholera. The park will offer a platform for global leaders looking forward to set up research, development, consultancy and manufacturing of components businesses in India in renewable energy segments such as Solar, Geo-thermal, Wind and Bio-mass The Project would act as an internal demand driver for the Work component of Waterfront City at Dholera and would create around 17,000 employment opportunities in the leading organizations operating in the renewable energy segment.
The Rs 12,000 crore investment towards the development of renewable energy park is over and above the Rs 40,000 crore already committed towards the proposed water front city in Dholera.
The water front city development was proposed by HCC with an investment of Rs 40,000 crore in previous Vibrant Gujarat summit. The planning and development work of the entire Special Investment Region (SIR) was in progress over last two years and Gujarat Government has finalized the master plan and is in the process of preparing draft development plan and town planning schemes. HCC would await the final development plan showing the trunk infrastructure and services.
Meanwhile, the company has prepared a Concept Development Report which would be suitably modified with the Government of Gujarat’s declaration of Master plan and draft development plans for the Dholera SIR.
The Water Front City will have an employment potential of 50,000 jobs and the actual construction will begin after various statutory approvals like detailed project report, Environmental Impact Assessment (EIA) study and after development of the master plan of the region.