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.
