Global energy company Shell Energy’s India subsidiary has entered a memorandum of understanding (MoU) for industrial investments with the Gujarat state government of the country.

The agreement will see the company invest a total of Rs35bn ($423.17m) to construct a renewable energy-electric vehicle (EV) recharge station and LNG Regasification Terminal in the Indian state.

It was signed within the framework of the Vibrant Gujarat Global Summit’s tenth edition, which will be held in January of next year.

Shell Energy India plans to invest Rs22bn to build a new renewable energy facility on 1,200 acres of land in Banaskantha, North Gujarat.

The facility is set to employ more than 1,000 people and is expected to begin commercial production in 2026.

Furthermore, the company has also invested Rs8bn in fuel-retailing EV charging stations in multiple locations across the state, potentially employing roughly 2,000 people. This project is set to be completed by 2027.

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Finally, the company intends to invest Rs5bn into the LNG regasification terminal, asset integrity rejuvenation, and debottlenecking project.

This project will employ 375 people and is projected to begin commercial production in 2027.

In preparations for next year’s summit, 14 MoUs totalling Rs38.74bn in investments were signed in three phases.

These industrial investments could lead to more than 9,500 new job possibilities being generated in the future.