Essar Group of India announced on Monday the formation of a new organisation that would oversee its different companies and push $3.6 billion in low-carbon projects in the United Kingdom and India over the next five years. Essar, founded by billionaire brothers Shashi and Ravi Ruia, has sold part of its Indian holdings in telecom, oil refining, and steel in order to pay off its massive debt.
It has also shifted its attention to developing new environmentally, socially, and governance-compliant firms in order to reduce emissions from current operations. According to the announcement, Essar Energy Transition (EET), the new body that will oversee its multiple businesses, would invest $2.4 billion across its Stanlow site between Liverpool and Manchester and $1.2 billion in India for creating low-carbon energy transition projects.
EET expects to save 3.5 million tonnes of CO2 through its investment in the UK, accounting for approximately a fifth of overall industrial emissions in North West England, according to Essar.
Essar's blue hydrogen, low-carbon biofuels, and green ammonia businesses, as well as its Stanlow refinery, port, and marketing activities, will be part of EET.
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