Indian conglomerate Essar said on Thursday it will invest $6.6 billion in the energy transition, power and port sectors in the western state of Gujarat, as it renews strategic investments after clearing a huge debt.
Essar, built by brothers Shashi and Ravi Ruia, declared itself debt-free last year after it sold some of its assets in sectors including telecoms, oil refining and steel over the years to settle its $25 billion debt.
The planned 550 billion Indian rupee investment in Gujarat will include developing a one-gigawatt green hydrogen project, expansion of Essar’s Salaya power plant and more investment in its Salaya port, the conglomerate said.