Essar Group Commits ₹56,000 Crore Investment in Gujarat Through Memoranda of Understanding (MoUs)

Essar Group has solidified its commitment to Gujarat's economic landscape by signing three Memoranda of Understanding (MoUs) with the state government, paving the way for a substantial investment of ₹56,000 crore. The announcement comes just ahead of the Vibrant Gujarat Global Summit 2024.

A major component of this significant investment is the establishment of a 1 GW green hydrogen project in the state, a venture expected to cost ₹30,000 crore. Additionally, Essar Power has disclosed plans for a Phase-II expansion at its Salaya Power Plant, earmarking ₹16,000 crore for the expansion. Furthermore, Essar Ports is set to launch a logistics hub in Gujarat with an investment of ₹10,000 crore.

According to a statement released by the Essar Group, these strategic investments are poised to generate over 10,000 job opportunities within the state. The group highlighted its historical commitment to Gujarat, noting that over the past four decades, it has injected more than ₹1 lakh crore into the state across various sectors, including energy, metals, mining, and infrastructure.

Despite grappling with debt challenges in the recent past, Essar Group is now undergoing a revival, strategically investing in the energy transition, power, and port sectors within Gujarat. This move underscores the group's dedication to contributing to the economic growth and development of the state.

HBL