Essar unveils blueprint for green economy

Betul: Diversified conglomerate Essar Group will invest billions of dollars in setting up a green hydrogen plant, the world's first green refinery, and building an LNG and electric ecosystem to decarbonise long-haul heavy trucks as it charts a new phase of growth, a top official said. Armed with a substantially lighter balance sheet after it repaid Rs 1,40,000 crore of loans over the last four years, the group now has a strong revenue stream of over Rs 1 lakh crore from existing businesses. "Essar is charting its path to a resurgence by investing in ecosystems for sustainable growth in India and beyond," Prashant Ruia, Director at Essar Capital, said at India Energy Week here. Anchored around three core themes of decarbonisation, decentralisation and digitalisation, Essar is looking to play a pivotal role in shaping a greener future. "As India emerges as the world's fastest-growing and third-largest economy, Essar is dedicated to fulfilling climate commitments and promoting green growth," he said.

Essar will invest $3.6 billion to build one of the world's largest low-carbon (blue hydrogen) plants and the world's first green refinery, he said without giving further details. It is also looking to develop a 1 gigawatt green hydrogen project in Gujarat. In the realm of green mobility solutions, Essar is focused on building an LNG and electric ecosystem to decarbonise long-haul heavy trucks, contributing to a cleaner transportation sector, he said. Besides, the group is also producing gas using coal seams from a block in West Bengal, he said.