Essar
Indian conglomerate Essar has announced that it will invest $6.6 billion in energy transition, power, and port projects in the state of Gujarat, Reuters reports.
Essar is resuming strategic investments after last year’s sale of some of its assets in sectors such as telecommunications, oil refining, and steel to pay off $25 billion in debt.
Planned investments of INR 550 billion in Gujarat will include the development of a 1 gigawatt green hydrogen project, expansion of the Salaya power plant, and the transformation of the Salaya port into a logistics center.
Prashant Roy, Director of Essar Capital, noted that Gujarat is consistently at the forefront of the company’s strategic investments, and the conglomerate is further contributing to the state’s economic progress.
The company reported that it signed three related MoUs with the Gujarat government, but did not disclose an estimated completion date for these projects.
As GMK Center reported earlier, last November AMNS India, a joint venture of ArcelorMittal and Nippon Steel, announced on the completion of the transaction for the acquisition of Essar Group’s ports and energy assets, having received the necessary corporate and regulatory approvals. The agreement with Essar was reached in August of this year, the value of the transaction was about $2.02 billion. The acquisition of infrastructure and energy assets will strengthen the integration of AMNS’ production and logistics chain and will support the steel plant in Hazira (Gujarat) with a production capacity of 9 million tons per year.
Europe must protect its struggling steel sector or risk undermining its efforts to strengthen its…
In January-June 2025, Ukraine's seaports handled about 40 million tons of cargo, of which more…
India's Ministry of Environment, Forest and Climate Change (MoEFCC) has published draft rules on greenhouse…
In 2024, despite the difficult conditions of war, Metinvest Group increased its environmental spending and…
According to data from the American Iron and Steel Institute (AISI), US steel companies increased…
Two Quantum electric arc furnaces from Chinese steel producer Hubei Shunle, supplied by Primetals Technologies,…