Essar has inked three Memorandums of Understanding (MOUs) with the Gujarat Government for a total investement of Rs 55,000 crore ahead of the Vibrant Gujarat Global Summit 2024.

This initiative aims to create over 10,000 job opportunities in the state.

Prashant Ruia, Director at Essar Capital, said, “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.

Apart from this, the company has announced an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya Power Plant.

Essar Ports is also set to transform its Salaya port into a logistics hub with an investment of Rs. 10,000 crore.