Ahmedabad: The Essar Group on Thursday said it has signed three Memorandums of Understanding (MOUs) with the Government of Gujarat for a total investment of Rs 55,000 crore, ahead of the Vibrant Gujarat Global Summit scheduled to be held in Gandhinagar in January 2024.
Essar is in a renewed phase of making strategic investments in the fields of energy transition, power, and port sectors in the coastal state. This initiative aims to create over 10,000 job opportunities, according to a press release here.
Over the last four decades, Essar has invested more than Rs. 1 lakh crore in the energy, metals, mining, and infrastructure sectors in Gujarat, which played a crucial role in the Group’s growth story. The company’s investments in core industrial projects have enhanced the state’s industrial landscape, serving as a case study for the state’s potential as an investment destination.
On the signing of the MoU, Prashant Ruia, Director at Essar Capital, commented, “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.”
In energy transition, Essar would develop a 1 Gigawatt green hydrogen project in Gujarat, with an estimated investment of Rs 30,000 crore.
In the power generation sector, Essar Power would make an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya Power Plant.
Also, in the ports sector, Essar Ports is set to transform its Salaya port into a logistics hub with an investment of Rs. 10,000 crore.
The Essar Global Fund Ltd (EGFL) is a global investor whose portfolio companies have aggregate revenues of USD 15 billion and employ over 7,000 people. Its investments are managed by Essar Capital which monitors the entire portfolio of investments owned by EGFL.
(VP)