Essar Future Energy Signs Rs 5,100 Cr. MoU for Biofuel Complex in Gujarat
Essar Future Energy Limited has signed a Memorandum of Understanding (MoU) with the Government of Gujarat at Vibrant Gujarat Regional Conference in Rajkot. The MoU involves a proposed investment of Rs 5,100 crore for establishment of a large-scale biofuel complex in the Devbhoomi Dwarka district of Gujarat.
Development of the said biofuel complex will be carried out as a Special Economic Zone (SEZ) unit*. The facility is expected to commence operations by 2029. After the facility commences operations, it will initially process 1 million metric tonnes per annum (MMTPA) of feedstock into clean fuel.
* SEZ (Special Economic Zone) unit is a designated, duty-free business enclave treated as a foreign territory for trade, duties, and tariffs, aimed at boosting exports, foreign investment, and employment (As defined by Noida Special Economic Zone).
Mr. Vibhav Agarwal, CEO, Essar Future Energy Limited, mentioned that India is focusing on achieving energy independence by creating a green energy ecosystem. As such, the development of this biofuel complex will contribute to Gujarat’s green fuel ecosystem and help India achieve its decarbonisation goals.
