Essar to invest 14k cr in Gujarat's port sector, water projs

Having already invested Rs 88,000 crore in Gujarat so far, Essar Group will make a fresh investment of Rs 14,000 crore in the state's port sector and water supply projects, the company's Chairman Shashi Ruia said here today.

"I am pleased to announce that Essar will invest further Rs 14,000 crore in the port sector and water supply projects," Ruia said at the sixth edition of 'Vibrant Gujarat' here.

Of the proposed fresh outlay, he said, Rs 10,000 crore will be invested to develop ports in Hazira and Salaya in Jamnagar capable of handling dry bulk, liquid and container cargoes.

"Further, we propose to invest Rs 4,000 crore in bulk water supply projects in the state," Ruia added.

The fresh investments will have the potential to generate 15,000 jobs directly and indirectly as well as form a critical part of the state's maritime infrastructure.

Ruias-controlled Essar Group has a huge investment in Gujarat spreading across sectors such as oil refining, port, steel and power. In fact, majority of the company's investments are in Gujarat.

The group accounts for 20 per cent of Gujarat's refining capacity, about 20 per cent of its power generation capacity and 30 per cent of port capacity. Essar's 10 million tonne per annum steel plant is also located in Guajart.

Congratulating Modi for his recent electoral success, Ruia said Modi has "once again proved that good economics can co-exist with good politics.

"Under Modiji's leadership, Gujarat will surely remain a torch bearer for the economic growth of the country. He is a man with a vision. He is a man with a mission. He is a man with a conviction," Ruia said.

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