Essar Group has signed three MoUs with the Gujarat government to invest ₹56,000 crore ahead of the Vibrant Gujarat Global Summit 2024.
Essar Group plans to develop a 1 GW green hydrogen project in the State with an estimated investment of ₹30,000 crore. Essar Power announced an additional investment of ₹16,000 crore for Phase-II expansion at its Salaya Power Plant, and Essar Ports plans to launch a logistics hub at an investment of ₹10,000 crore.
The investments will create over 10,000 job opportunities in the state, said a statement by the group. It said over the past four decades, it has already invested over ₹1-lakh crore in the State in sectors such as energy, metals, mining and infrastructure
The group, which was dogged by debt problems till recently, is on a revival drive making strategic investments in energy transition, power and port sectors in the state.
“Gujarat has consistently been at the forefront of Essar’s strategic investments,” said Prashant Ruia, Director at Essar Capital.