Essar to invest $6.6 billion in power and port projects in Gujarat

Last year, Essar, a company founded by brothers Shashi and Ravi Ruia, announced that it had become debt-free by selling off assets in sectors like telecommunications, oil refining, and steel. This move helped the company reduce its $25 billion debt. The Indian conglomerate is now planning a 550 billion Indian rupee investment in Gujarat. This investment will include the development of a one-gigawatt green hydrogen project, expansion of Essar’s Salaya power plant, and further investment in Salaya port.

The company’s decision to declare itself debt-free came after years of selling off assets in various sectors. The planned investment in Gujarat marks a new phase for Essar, as it looks to develop a one-gigawatt green hydrogen project and expand its power plant and port in the region. This move reflects the company’s continued commitment to growth and development in key sectors of the Indian economy. The announcement demonstrates Essar’s confidence in its ability to invest in new projects and drive further growth for the company.

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