Investment of Rs 55000 crore, Essar Group will make big investment in Gujarat.

New Delhi: Essar Group will invest Rs 55,000 crore in energy transformation, power and port projects in Gujarat. These investment agreements were signed. This investment by Essar will be made for setting up a one gigawatt capacity green hydrogen project, expansion of the Salaya power plant and converting the Salaya port into a logistics hub.

The company said in the statement that it has signed three memoranda of understanding (MoUs) with the Gujarat government regarding investments totaling Rs 55,000 crore ahead of the ‘Vibrant Gujarat’ Global Investors Summit, 2024. According to the statement, Essar is in a new phase of making strategic investments in the energy transformation, power and port sectors in the state. This initiative aims to create more than 10,000 employment opportunities.

Over the last four decades, Essar has invested more than Rs 1 lakh crore in the energy, metals and mining and infrastructure sectors in Gujarat. These include a 20 million tonne per annum oil refinery at Vadinar and a steel plant at Hazira. However, the company had sold these projects in the last few years to repay its debt. In this way, Essar is now stepping into the second round of investment in Gujarat.

Essar Capital Director Prashant Ruia said about the signing of the MoU that Gujarat has consistently been at the forefront of Essar’s strategic investments. We are happy to contribute to the economic progress of the state with an additional investment of Rs 55,000 crore in the energy and infrastructure sector. Investment in the field of energy transition will be made in a one gigawatt capacity green hydrogen project to be set up at a cost of Rs 30,000 crore.

Essar Group will invest an additional Rs 16,000 crore in the second phase of expansion of its Salaya power plant. Apart from this, Essar Ports is also going to invest Rs 10,000 crore in converting its Salaya port into a logistics centre. However, Essar Group has not mentioned any timeline for completing these projects. Essar is active in the core sectors of energy, infrastructure and logistics (ports, projects and green mobility business), metals and mining, technology and retail. The total revenue of its companies is $15 billion.