Essar Group Thursday said it has signed three Memorandums of Understanding (MoUs) with the Gujarat government for a total investment of Rs 55,000 crore in energy transition, power and port sectors in the state.
It has signed an MoU to develop a one-gigawatt green hydrogen project, involving an investment of around Rs 30,000 crore.
Essar Power has announced an additional investment of Rs 16,000 crore for phase-II expansion at its Salaya Power Plant. Essar Ports will also transform its Salaya port into a logistics hub with an investment of Rs 10,000 crore.
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“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,” said Prashant Ruia, Director, Essar Capital.
Over the last four decades, Essar has invested more than Rs 1 lakh crore in the energy, metals & mining and infrastructure sectors in Gujarat.