Essar signs three MoUs with Gujarat govt totalling Rs 55,000 cr in energy transition, power, and ports sectors

Essar on Thursday 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, 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.”

Essar has signed an MOU to develop a 1 Gigawatt Green Hydrogen project. This initiative involves an estimated investment of Rs 30,000 crore.

Essar Power has announced an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya Power Plant.

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.