Tuesday, February 28, 2023

Essar floats transition arm with $3.6 billion plans for India and the UK

Essar floats transition arm with $3.6bn India, UK plans


Delhi, India: Essar Energy Transition (EET), a low-carbon investment arm launched by Ruias-promoted Essar on Monday, intends to invest $3.6 billion in a variety of energy transition projects in India and the UK.

The group said in a statement that it would invest $1.2 billion in India and $2.4 billion in the UK over five years in the proposed transition projects. It did not specify where the projects might be located in India.

The development of a global supply hub for low-carbon fuels at a low cost will be the primary focus of the investment in India. In order to meet the growing global demand for green hydrogen, these will include exportable green ammonia and green hydrogen. According to the company, the "supportive regulatory framework designed to help position the country as a leading global hub of green hydrogen production and exports" is the driving force behind the India investment plan.

In addition to EET, the group intends to make additional investments in sustainability, including the establishment of an LNG value chain in India, a pellet plant in Odisha, and a Saudi Arabian green steel complex that will produce four million tonnes per year.

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