Infrastructure major Hindustan Construction Company (HCC) said it will invest Rs 1,200 crore (Rs 12 billion) to set up a renewable energy project in Gujarat in the next two to five years.
"HCC has signed an MoU with the Gujarat government to set up a renewable energy project in the state worth Rs 1,200 crore (Rs 12 billion) in the next 2-5 years time," company Chairman and Managing Director Ajit Gulabchand said on the sidelines of the 5th Global Summit of Vibrant Gujarat.
He said the company is currently executing work on the Water Front City at Dholera, for which it had announced an investment of Rs 40,000 crore (Rs 400 billion) in 2009.
Under an MoU signed with the Gujarat Infrastructure Development Board, HCC had agreed to develop the Water Front City over 4,000 acres in Dholera Special Investment Region (SIR) located at the Gulf of Cambay about 129 km from here.
Based on the concept of the company's Lavasa project in Maharashtra, the Water Front City had envisaged an employment potential of 50,000 jobs.
Besides, HCC had also said in 2009 that it will invest Rs 1,500 crore for developing three water pipeline projects under an MoU signed with Narmada Water Resources, Water Supply and Kalpasar Department.
Asked about the environmental issues faced by the Lavasa project, Gulabchand said it is unfair on the part of the Environment Ministry to put a question mark suddenly on a project which has been ongoing for the past few years.
"The environment ministry's process should be transparent and there should be a clearly laid down policy and there should be a clear guideline related to such projects," he added.
HCC has already submitted all necessary documents running into "15,000 pages" to the environment ministry and is awaiting a report, he said.