Essar Global Fund Ltd. mentioned it has signed three Memoranda of Understanding (MOUs) with the Government of Gujarat for a complete investment of about ₹55,000 crore forward of the Vibrant Gujarat Global Summit 2024.
The firm mentioned it was in a renewed section of constructing strategic investments in the fields of power transition, energy and port sectors in the State. This initiative goals at creating greater than 10,000 job alternatives, it mentioned in a press release.
Prashant Ruia, Director, Essar Capital mentioned, “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 ₹55,000 crore in energy and infrastructure sectors.”
Towards power transition, Essar mentioned, it has signed an MOU to develop a 1 Gigawatt Green Hydrogen venture. This initiative would contain an estimated investment of ₹30,000 crore, the corporate mentioned.
For energy era, Essar Power has introduced a further investment of ₹16,000 crore for Phase-II growth at its Salaya Power Plant.
In the port sector, Essar Ports will rework its Salaya port right into a logistics hub with an investment of ₹10,000 crore.
