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Image used for illustrative purposes. An oil refinery of Essar Oil, which runs India's second biggest private sector refinery, is pictured in Vadinar in the western state of Gujarat, India, October 4, 2016.
Indian conglomerate Essar said on Thursday it will invest $6.6 billion in the energy transition, power and port sectors in the western state of Gujarat, as it renews strategic investments after clearing a huge debt.
Essar, built by brothers Shashi and Ravi Ruia, declared itself debt-free last year after it sold some of its assets in sectors including telecoms, oil refining and steel over the years to settle its $25 billion debt.
The planned 550 billion Indian rupee investment in Gujarat will include developing a one-gigawatt green hydrogen project, expansion of Essar's Salaya power plant and more investment in its Salaya port, the conglomerate said. ($1 = 83.3210 Indian rupees) (Reporting by Nidhi Verma; Writing by Shivam Patel; Editing by Susan Fenton)
