Essar Group's Bold Move: $3.6 Billion Investment in Green Hydrogen and Clean Energy
The Essar Group is investing Rs 30,000 crore over four years to establish a green hydrogen plant in Gujarat. This move aligns with their broader strategy to decarbonize the UK oil refinery, build a green steel plant in Saudi Arabia, and develop LNG and electric ecosystems for heavy trucks.
- Country:
- India
The Essar Group has announced an ambitious Rs 30,000 crore investment plan to set up a green hydrogen plant in Jamnagar, Gujarat. This initiative marks a pivotal shift in the conglomerate's focus towards clean energy.
Prashant Ruia, director of Essar Capital, revealed in an interview that the conglomerate also aims to decarbonize its UK oil refinery, build a green steel plant in Saudi Arabia, and invest in LNG and electric ecosystems to reduce emissions from heavy-duty trucks.
The plan includes leveraging 4.5 GW of renewable energy to produce hydrogen through water molecule splitting. Additionally, Essar is targeting expansion in critical mineral mining for EV batteries and renewable energy technologies, aiming for a significant jump in India's clean energy landscape.
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