Essar Group intends to invest 55,000 crores on Gujarat's infrastructure

Essar Group said on December 14 that, following agreements with the state government, it would spend Rs. 55,000 crore in port, power, and energy transition projects in Gujarat.

Gujarat has continuously led the way in Essar Capital's strategic investments, according to Prashant Ruia, Director. With a pleasure, they are able to bring Rs. 55,000 crore to the state's economic growth by investing in the energy and infrastructure sectors.

Essar has signed 3 MOU's with Gujarat's government

Prior to the Vibrant Gujarat Global Summit in 2024, the corporation claimed in a statement that it has inked three memoranda of understanding with the Gujarat's government for a total investment of Rs.55,000 crore.

The funds will be used to build a 1 gigawatt green hydrogen project, expand the Salaya power plant, and turn the Salaya port into a hub for logistics. However, the company did not reveal how long they expected to take to finish these projects.

Essar invested for green hydrogen project

To create a 1 gigawatt green hydrogen project, Essar has signed an MOU. An estimated Rs.30,000 crore would be invested in this project. Investment in the power generation sector: According to an official announcement, Essar Power has announced an extra Rs.16,000 crore for Phase-II expansion at its Salaya Power Plant.

With a Rs. 10,000 crore investment, Essar Ports intends to turn its port in Salaya into a logistics hub. Essar has committed to continue contributing to Gujarat's diverse growth trajectory with the signing of these partnerships.

Firm seeks to create 10,000 job opportunities

Essar is currently in a new era of strategically investing in the state's port, power, and energy transition sectors. It stated that the effort seeks to generate approximately 10,000 job opportunities.

Essar plans to invest an additional Rs.16,000 crore in its Salaya Power Plant's Phase-II expansion. In addition, Essar Ports would invest Rs. 10,000 crore to develop its port in Salaya into a logistics hub.

Also read: Number of bank accounts under PMJDY crossed 500 million with total deposits of 2 trillion

According to the statement, Essar's commitment to continuing its contribution to Gujarat's multifaceted growth trajectory is demonstrated by the signing of these agreements.

OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.