Essar signs MoUs to invest ₹55,000 crore in Gujarat

The Essar group on Thursday said that it has signed three Memorandums of Understanding (MoU) with the government of Gujarat for a total investment of Rs.55,000 crore ahead of the Vibrant Gujarat Global Summit 2024.

 (Representative Photo)
(Representative Photo)

Essar is in a renewed phase of making strategic investments in the field of energy transition, power and port sectors in the state and aims to create over 10,000 job opportunities in the state with these projects, it said in a statement.

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“Gujarat has consistently been at the forefront of Essar’s strategic investments. We are delighted to further contribute to the state’s economic progress with an additional investment of Rs.55,000 crore in the Energy and infrastructure sectors,” said Prashant Ruia, director at Essar Capital.

The group plans to develop a 1 Gigawatt Green Hydrogen project, requiring an estimated investment of Rs.30,000 crore at an undisclosed location.

In power generation, Essar Power has revealed plans for further investment, allocating Rs.16,000 crore for the Phase-II expansion of its Salaya Power Plant near Jamnagar.

In the ports sector, Essar Ports is planning to transform its Salaya port into a logistics hub, earmarking a substantial investment of Rs.10,000 crore for this initiative for which it has entered into a pact with the Gujarat government, the company said.

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