Essar Inks 3 MoUs Worth Rs 55,000 Crore with Gujarat Government

By siliconindia  |  Thursday, 14 December 2023, 06:21:27 PM IST

Essar Inks 3 MoUs Worth Rs 55,000 Crore with Gujarat Government
Essar has entered into three Memorandums of Understanding (MOUs) with the Government of Gujarat, committing a substantial investment of Rs 55,000 crore in anticipation of the Vibrant Gujarat Global Summit 2024. The company is actively pursuing strategic investments in the Energy Transition, Power, and Port sectors within the state. The primary objective of this initiative is to generate more than 10,000 job opportunities, marking a renewed phase of growth and development for Essar in Gujarat.
Over the past forty years, Essar has injected an investment exceeding Rs 1 lakh crore into Gujarat's Energy, Metals & Mining, and Infrastructure sectors. Gujarat has been instrumental in shaping Essar's success narrative, with the company's contributions to key industrial projects significantly transforming the state's industrial panorama. These investments serve as a testament to Gujarat's attractiveness as a prime investment destination.
On the signing of the MoU, Mr. 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".
Investment in Energy Transition: Essar has signed an MOU to develop a 1 Gigawatt Green Hydrogen project. This initiative involves an estimated investment of Rs 30,000 crore. Investment in the Power Generation sector: Essar Power has announced an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya Power Plant.
In the Ports sector, Essar Ports is poised to convert its Salaya port into a logistics hub, backed by a substantial investment of 10,000 crore. The execution of these agreements underscores Essar's dedication to persistently contribute to the diverse growth journey of Gujarat.
Source: IANS

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