Essar group is set to invest ₹55,000 crore in energy transition, power, and port projects in Gujarat, the company announced on December 14, after signing pacts with the state government.
Prashant Ruia, Director at Essar Capital, said, “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 ₹55,000 crore in the Energy & Infrastructure sectors.”
In a statement, the company said it signed three memoranda of understanding with the government of Gujarat for a total investment of ₹55,000 crore ahead of the Vibrant Gujarat Global Summit 2024.
The investments are for setting up a 1 gigawatt green hydrogen project, expansion of Salaya power plant and transforming Salaya port into a logistics hub.
The group however did not disclose estimated tenure for the completion of these projects.
Essar has signed an MOU to develop a 1 Gigawatt Green Hydrogen project. This initiative involves an estimated investment of ₹30,000 crore. Investment in Power Generation sector: Essar Power has announced an additional investment of ₹16,000 crore for Phase-II expansion at its Salaya Power Plant, according to an official release.
Essar Ports plans to transform its Salaya port into a logistics hub with an investment of Rs. 10,000 crore. The signing of these agreements signifies Essar’s commitment to continue its contribution to Gujarat’s multifaceted growth trajectory.
“Essar is in a renewed phase of making strategic investments in the field of energy transition, power and port sectors in the state. This initiative aims to create over 10,000 job opportunities,” it said.
Essar will make an additional ₹16,000 crore investment in Phase-II expansion at its Salaya Power Plant. Besides, ₹10,000 crore would be invested by Essar Ports to transform its Salaya port into a logistics hub.
“The signing of these agreements signifies Essar’s commitment to continue its contribution to Gujarat’s multi-faceted growth trajectory,” the statement said.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates & Live Business News.
Published: 15 Dec 2023, 09:08 AM IST