Essar Group of India announced on Monday the formation of a new entity that will control its various businesses and drive $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 some of its Indian assets in telecom, oil refining, and steel to pay off its massive debt. It has also shifted its focus to developing new environmentally, socially, and governance-compliant businesses in order to reduce emissions from existing projects. Essar Energy Transition (EET), the new unit in charge of its various businesses, plans to invest $2.4 billion at its Stanlow site between Liverpool and Manchester, as well as $1.2 billion in India, in order to develop low-carbon energy transition projects.

Essar energy transition(eet), the new unit in charge of its various businesses, plans to invest $2.4 billion at its stanlow site between liverpool and manchester

EET expects to save 3.5 million tonnes of CO2 through its investment in the UK, accounting for nearly a fifth of total industrial emissions in North West England, according to Essar. Essar's blue hydrogen, low carbon biofules, and green ammonia businesses, as well as its Stanlow refinery, terminal, and marketing operations, will be part of EET. Essar, which is developing 1 GW of green ammonia in India for sale in the UK and international markets, also announced the establishment of a liquefied natural gas value chain in India, including LNG truck manufacturing and LNG fuel stations, as well as the establishment of a pellet plant in eastern India and a 4-million tonnes-per-year green steel complex in Ras-Al-Khair, Saudi Arabia.