Indian conglomerate Essar inked three Memorandums of Understanding (MOUs) with the Government of Gujarat for a total investment of Rs 55,000 crore or $6.6 billion in the energy transition, power and port sectors in the state ahead of the Vibrant Gujarat Global Summit 2024.

Essar aims to make strategic investments in the field of Energy Transition, Power and Port sectors in the state through the MoUs. The initiatives would create over 10,000 job opportunities.

The signing of these agreements signifies Essar’s commitment to continue its contribution to Gujarat’s multifaceted growth trajectory. One of the signed MoUs is for the development of a 1-gigawatt Green Hydrogen project with an estimated investment of Rs 30,000 crore.

The other two are for Phase-II expansion at its Salaya Power Plant and to transform its Salaya port into a logistics hub with an investment of Rs 16,000 crore and Rs 10,000 crore, respectively. 

Built by brothers Shashi and Ravi Ruia, Essar settled its $25 billion debt last year by selling some of its assets in sectors including telecoms, oil refining and steel over the years. Essar has invested more than Rs 1 lakh crore in the Energy, Metals & Mining and Infrastructure sectors in Gujarat over the last four decades.