Essar signed three MoU’s (Memoranda of Understanding) with the Government of Gujarat for a total investment of USD 6.6 billion ahead of the Vibrant Gujarat Summit 2024. In a press release, Essar mentions that it is in a renewed phase of making strategic investments in the fields of energy transition, power, and port sectors in the state. The initiative aims to create 10,000 job opportunities.

For energy transition, Essar signed an MoU to develop a 1 GW green hydrogen project. The company will invest around USD 3 billion for this project. In the power generation sector, Essar will invest around USD 1.9 billion for the phase-2 expansion of the Salaya Coal Power Plant. For the port sector, Essar will transform its Salaya port into a logistics hub with an investment of USD 1.2 billion.

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Essar has invested over USD 12 billion in the energy, metals, mining, and infrastructure sectors in Gujarat. “Gujarat has consistently been at the forefront of Essar’s strategic investments.” Prashant Ruia, director at Essar Capital, said.

Gujarat has played Gujarat has significantly contributed to the expansion of Essar. The state's industrial environment has been significantly improved through the organization's investments in critical industrial ventures.

About Essar Group

Essar Group, founded in 1969, is a major Indian multinational conglomerate known for its diverse holdings in critical sectors like energy, infrastructure & logistics, metals & mining, technology, and retail. With a global footprint spanning five continents and a workforce exceeding 50,000, the group operates under the umbrella of Essar Global Fund Limited (EGFL). 

They mainly focus on oil refining, power generation, port development, steel production, and more, contributing significantly to India's economic growth.

Their focus on sustainability and innovative technologies adds another layer to their multifaceted identity. Apart from the proposed green hydrogen project in Gujarat, the company is making a significant shift towards providing renewable energy solutions. Here's a glimpse into their upcoming projects:

KSA Green Steel Arabia Project, Saudi Arabia

A collaboration with Desert Technologies for developing renewable energy solutions for this ambitious green steel plant.Essar plans to invest USD 4.5 billion in this project, aiming to be the largest integrated flat steel complex in the MENA region.

Renewable energy will power the steelmaking process, reducing the carbon footprint and setting a global benchmark for sustainable steel production.

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Green Ammonia Plant in India

A USD 1.2 billion project to build a green ammonia plant in India, powered by renewable energy. The ammonia will be exported to the UK and other international destinations, catering to the growing demand for clean fuels.

This project positions Essar as a key player in the emerging green ammonia market

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