Essar said on December 14 it will invest $6.6 billion in Gujarat's port, electricity, and energy transition sectors as part of its strategic investment renewal after paying off a massive debt, reports said.
Founded by brothers Shashi and Ravi Ruia, Essar declared itself debt-free in 2022 after selling part of its holdings in the steel, telecom, and oil refining industries to pay a $25-billion debt.
Essar signed three memorandums of understanding with the Gujarat government for investment in the state's port, power, and energy transition sectors, an Economic Times report said.
Gujarat has been essential to the development of Essar, which invested in core industrial projects.
“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 $6.6 billion in the energy & infrastructure sectors,” ET quoted Prashant Ruia, Director at Essar Capital, as saying.
The proposed investment in Gujarat will go towards building a one gigawatt green hydrogen project, expansion of Essar's Salaya power plant and the company's Salaya port, Reuters said.
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