Essar Group takes a significant step towards sustainability by initiating a massive one-gigawatt green hydrogen project in Jamnagar, Gujarat.
Strategic Expansion Plans in Gujarat
Promoter Director of Essar Group, Prashant Ruia, revealed the conglomerate’s strategic focus on Gujarat, outlining plans for a 1,000 MW green hydrogen project in Jamnagar. The ambitious project aligns with Essar’s broader vision of expanding its power and port businesses in the state.
Milestone MoU with Gujarat Government
In December 2023, Essar Group formalized its commitment by signing a Memorandum of Understanding (MoU) with the Gujarat government. The estimated investment for this groundbreaking project is Rs 30,000 crore, emphasizing Essar’s dedication to clean and sustainable energy solutions.
National Green Hydrogen Mission and India’s Energy Independence
The Union Cabinet’s approval of the National Green Hydrogen Mission in January 2023 sets the stage for India to become a global hub for green hydrogen technologies. With an initial outlay of Rs 19,744 crore, the mission aims to boost annual green hydrogen production, add renewable energy capacity, attract substantial investments, generate employment, and reduce fossil fuel imports.
Essar Group’s Key Role in Gujarat’s Growth
Prashant Ruia highlighted Gujarat’s pivotal role in Essar’s investment strategy, stating that the majority of the group’s investments, totaling over Rs 150,000 crore, have been in the state. The commitment to Gujarat reflects Essar’s confidence in the region as a prime destination for diverse investments.
Vibrant Gujarat’s Transformative Impact
Essar Group has been an active participant in Vibrant Gujarat since 2002. Prashant Ruia emphasized the tangible progress witnessed over the years, with commitments translating into on-ground investments. He asserted that India has emerged as a paramount global investment destination, showcasing the nation’s economic vibrancy.
As Essar Group spearheads the colossal green hydrogen project, it marks a substantial leap towards sustainable energy practices, contributing to India’s pursuit of a cleaner and more self-reliant energy landscape.
Source：businessworld.in
