Shares of GHCL Ltd rallied 5% on 12 January after the company announced signing two MoUs (memorandum of understanding) worth Rs 3,450 crore in Gujarat during the ongoing Vibrant Gujarat Summit 2024.

In its regulatory filing, the company said that they have signed the first MoU worth Rs 2,500 crore in the state’s Kutch district for expanding the Greenfield Soda Ash plant and constructing a new vacuum salt plant.

According to information made public by the company, it has signed a second MoU with an investment of ₹950 crore in Bhavnagar, Gujarat’s Saurashtra region. The money will go toward mining bentonite and sand, which are both components of the overburden that is discovered when mining lignite.

The company has declared that bentonite will be marketed to the pharmaceutical, foundry, cosmetic, and fertiliser industries, among others, to use as a raw material. Sand is also utilised as a raw material in the construction sector.

The investments are for a period of four years, and through these MoUs, the company will generate more than 10,000 jobs directly and indirectly.

R.S. Jalan, managing director of the company, said, “Keeping in line with our mission to consistently deliver value for our stakeholders, we have ambitious growth plans to maintain this trajectory through sustainable expansions. Once commissioned, these projects will accelerate our growth momentum and position us among the top-tier industry leaders.”

At 3:30 pm, the shares of GHCL closed 1.94% higher at Rs 608 on NSE.