Essar to invest Rs 30,000 cr in green hydrogen plant in Gujarat over 4 yrs

Essar Group plans to invest Rs 30,000 crore over the next four years in setting up a green hydrogen plant at Jamnagar in Gujarat as the metals-to-infrastructure conglomerate eyes clean energy as a key pillar for its new phase of growth.

The conglomerate is looking to decarbonise its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and build an LNG and electric ecosystem to decarbonise long-haul heavy trucks, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investments, said.

It is also considering an entry into mining of critical minerals, mainly used in electric vehicle batteries, solar panels and wind-turbine magnets.

Essar Future Energy plans to develop 1 gigawatt of hydrogen capacity along with associated green molecules capacity of 1 million tonne per annum in Jamnagar over the next four years, he said in an interview with PTI.

"We are going to invest around Rs 30,000 crore (in the green hydrogen project in Jamnagar)," he .