Essar, Gujarat Govt ink three MoUs totaling Rs 55,000 crore for energy, power, and ports – EQ
In Short : Essar Group and the Gujarat Government sign three MoUs amounting to Rs 55,000 crore. These agreements likely cover investments in energy, power, and ports sectors, showcasing collaborative efforts for infrastructure and economic development in the state.
In Detail : Ahmedabad : Essar signed three Memorandums of Understanding (MOUs) with the Government of Gujarat for a total investment of Rs 55,000 crore ahead 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.
Over the last four decades, Essar has invested more than Rs 1 lakh crore in the Energy, Metals & Mining and Infrastructure sectors in Gujarat.
Gujarat has played a crucial role in Essar’s growth story. The company’s investments in core industrial projects have enhanced the state’s industrial landscape, serving as a case-study for the state’s potential as an investment destination.
On the signing of the MoU, Mr. 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 & Infrastructure sectors.”
Investment in Energy Transition: Essar has signed an MOU to develop a 1 Gigawatt Green Hydrogen project. This initiative involves an estimated investment of Rs 30,000 crore.
Investment in Power Generation sector: Essar Power has announced an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya Power Plant.
Investment in the Ports Sector: Essar Ports is set to transform its Salaya port into a logistics hub with an investment of Rs. 10,000 crore.
The signing of these agreements signifies Essar’s commitment to continue its contribution to Gujarat’s multifaceted growth trajectory.
About Essar
Essar Global Fund Limited (EGFL) is a global investor which invests in building and nurturing world-class assets diversified across the core sectors of Energy (comprising of Energy Transition, Exploration & Production, Refining & Marketing and Power businesses), Infrastructure & Logistics (comprising Ports, Projects and Green Mobility businesses), Metals & Mining (Green Steel project and DRI pellets) and Technology & Retail (comprising Shipping, Oilfield services, Technology Solutions and FnV Retail).
EGFL portfolio companies have aggregate revenues of US$15 billion and employ over 7,000 people. Its investments are managed by Essar Capital that monitors the entire portfolio of investments owned by EGFL.
