Ahead of the Vibrant Gujarat Global Summit 2024, Essar Group and the government of Gujarat have signed three MoUs for development of energy and infrastructure sectors in the state at an overall investment of Rs 550 billion. Of the three MoUs, one of them is to set up 1,000 MW green hydrogen project, which will be set up at an estimated cost of Rs 300 billion.
In February 2023, Essar Group established Essar Energy Transition (EET), concentrating on hydrogen, decarbonisation, new energy infrastructure, and biofuels. EET aims to allocate a total investment of $3.6 billion for the development of various low-carbon energy transition projects in the next five years. Of this, $2.4 billion will be directed towards its facility in Stanlow, the UK. EET plans to invest $1.2 billion in India to establish an affordable worldwide hub for the delivery of low-carbon fuels, such as green ammonia and green hydrogen. Ammonia will be exported from India to the UK, Europe, and other countries in order to satisfy the growing demand for green hydrogen in the market.