Essar to invest Rs 55,000 crore across Port, Power and Energy transition in Gujarat

GANDHINAGAR : Essar Group has signed three agreements with the Gujarat government to invest Rs 55,000 crore across port, power and energy transition ahead of the Vibrant Gujarat Global Summit 2024 and create more than 10,000 jobs. This is as part of the company’s renewed phase of making strategic investments in the state.

The group has signed a memorandum of understanding (MOU) to develop a 1 giga watt green hydrogen project with an estimated Rs 30,000-crore investment. This would be undertaken by EET Future Energy, an Essar Group company, and will initially focus on export of green hydrogen derivatives to Europe.

The company will set up a 1 GW green hydrogen electrolyser near Khambhaliya in the Devbhoomi Dwarka district, which will create 4,500 direct and indirect jobs.

“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,” Mr. Prashant Ruia, Director at Essar Capital, said.

Essar, which till date has invested about Rs12,000 crore in Gujarat’s power sector, would invest another Rs16,000 crore for the second phase expansion at its Salaya power plant. The expansion plan includes setting up two 800 MW ultra supercritical thermal power plants. It is also expected to create about 1,000 jobs.

Further, the group is set to build a commercial port at Salaya in Devbhoomi Dwarka district with an initial investment of Rs10,000 crore. The project is expected to generate job opportunities for about 5,000 personnel.

All three MOUs were signed ahead of the Vibrant Gujarat Global Summit 2024.

Over the last four decades, Essar has invested more than Rs1 trillion in energy, metals & mining and infrastructure sectors in Gujarat, it said.

The 10th Vibrant Gujarat Global Summit (VGGS) is scheduled to be held from January 10-12, 2024, which will focus on the theme ‘Gateway to the Future’.