Essar to Invest Rs 55,000 Crore in Energy, Port Projects in Gujarat – News18

Essar group will make investments Rs 55,000 crore in vitality transition, energy, and port tasks in Gujarat, the agency mentioned on Thursday after signing pacts with the state authorities. The investments are for establishing a 1 gigawatt inexperienced hydrogen venture, enlargement of Salaya energy plant and reworking Salaya port right into a logistics hub.

In a press release, the corporate mentioned it signed three memoranda of understanding with the federal government of Gujarat for a complete funding of Rs 55,000 crore forward of the Vibrant Gujarat Global Summit 2024. “Essar is in a renewed phase of making strategic investments in the field of energy transition, power and port sectors in the state. This initiative aims to create over 10,000 job opportunities,” it mentioned.

Over the final 4 a long time, Essar has invested greater than Rs 1 lakh crore in the vitality, metals and mining and infrastructure sectors in Gujarat. These investments included a 20 million tonnes a 12 months oil refinery at Vadinar and a metal plant at Hazira. These tasks had been offered over the previous few years to clear debt and Essar is now embarking on a second section of investments.

On the signing of the MoU, 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.”

Energy transition funding will probably be in the 1 GW inexperienced hydrogen venture to be arrange at a price of Rs 30,000 crore.

Essar will make an extra Rs 16,000 crore funding in Phase-II enlargement at its Salaya Power Plant. Besides, Rs 10,000 crore can be invested by Essar Ports to remodel its Salaya port right into a logistics hub. “The signing of these agreements signifies Essar’s commitment to continue its contribution to Gujarat’s multi-faceted growth trajectory,” the assertion mentioned.

The group nevertheless didn’t give timelines for the completion of those tasks. Essar has property throughout core sectors of vitality (comprising of vitality transition, exploration and manufacturing, refining and advertising and marketing and energy companies), infrastructure and logistics (comprising ports, tasks and inexperienced mobility companies), metals and mining (inexperienced metal venture and DRI pellets) and expertise and retail (comprising delivery, oilfield providers, expertise options and FnV Retail).

The portfolio firms have mixture revenues of $15 billion.

(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)