Essar Group has drawn out plans to invest about $5 billion (about Rs 35,000 crore) for a steel manufacturing project in Gujarat. The company after closing its two most prized assets in Gujarat is once again exploring the State for various other big-ticket projects. These projects include setting up new and emerging technologies, commercial port, EV vehicles and lithium-ion manufacturing facility, renewable energy, petrochemicals and a steel project. It has also proposed to set up an LNG Terminal at Hazira and also plans to enter into solar and wind energy generation and coal bed methane projects in Gujarat, according to the sources.
It is reported that the company has also submitted a proposal to set up a steel plant with 8 million tonne of annual capacity. It has also sought land from the state government for this project. The company is looking for land near coastal areas that have good port connectivity. For the proposed steel plant the company seeks about 1,000 hectare land. The $5 billion proposal does not include land and infrastructure cost of a captive port and captive power plant, add reports.