Essar group signs MoU with Gujarat govt to invest Rs 55,000 crore

The Essar group has signed a memorandum of understanding (MoU) with the Gujarat government to invest Rs 55,0000 crore in energy transition, power and port sectors.
 

These projects would create over 10,000 job opportunities.

Prashant Ruia, director at Essar Capital, said: “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 infrast­ructure sectors.” The group plans to develop a 1 gigawatt green hydrogen project. This involves an estimated investment of Rs 30,000 crore. Another group firm, Essar Power has announced an additional investment of Rs 16,000 crore for phase-II expansion at its Salaya power plant.