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Essar Inks MoUs with Gujarat Govt for Rs 55,000cr Investment in Energy, Ports

Essar Global Fund has signed three memoranda of understanding (MoUs) with the government of Gujarat for a total investment of Rs 55,000 crore.

 

The company has asserted that it is in a renewed phase of making strategic investment in the areas of energy transition, as well as power and port sectors in the state. These projects hold the potential to create more than 10,000 job opportunities.

 

Essar has signed an MOU to develop a one GW green hydrogen project in a step towards energy transition, wherein the initiative would involve an estimated investment of Rs 30,000 crore. Besides, Essar Power has announced an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya power plant.

 

In the port sector, Essar Ports is set to transform its Salaya port into a logistics hub, with an investment amounting to Rs 10,000 crore. With these strategic investments, Essar expects to further contribute to the state’s economic progress.

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