Essar inks Rs 55,000 crore deal with Gujarat govt across energy, power, and ports sectors

Bengaluru: Essar has signed three Memorandums of Understanding (MOUs) with the Government of Gujarat, ahead of the Vibrant Gujarat Global Summit 2024, marking a total investment of Rs 55,000 crore.

The renewed phase of investments by Essar focuses on the Energy Transition, Power, and Port sectors in the state, with a goal to generate over 10,000 job opportunities.

Over the past four decades, Essar has invested more than Rs 1 lakh crore in Gujarat’s Energy, Metals & Mining, and Infrastructure sectors.

Breakdown of Investments:

1. Energy Transition:

Agreement for a 1 Gigawatt Green Hydrogen project, requiring an estimated investment of Rs 30,000 crore.

2. Power Generation:

A Phase-II expansion at its Salaya Power Plant, with an additional investment of Rs 16,000 crore.

3. Ports Sector:

Transform of the Salaya port into a logistics hub with a Rs 10,000 crore investment.

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