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Davos 2025: Maharashtra signs MoU worth Rs 8,000 crore with Essar for renewable energy projects

According to Maharashtra Industries Minister Uday Samant, the MoU signed at the World Economic Forum (WEF) 2025 in Davos is expected to generate direct employment for 2,000 people.

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The agreement was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, Industries Minister Uday Samant, and Essar director Prashant Ruia. (Source: X/ Essar)

The Maharashtra government signed a memorandum of understanding (MoU) worth Rs 8,000 crore with Essar Renewables Limited (ERL) at the World Economic Forum (WEF) 2025 in Davos, Switzerland, on Tuesday.

The agreement was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, Industries Minister Uday Samant, and Essar director Prashant Ruia. “These partnerships mark a major milestone in accelerating Maharashtra’s industrial growth. This investment is expected to generate direct employment for over 2,000 people, contributing to the state’s transition to green energy and economic growth,” Samant said.

Under the terms of the agreement, Essar Renewables will invest in a mix of round-the-clock renewable energy projects, primarily aimed at supporting the electric vehicle (EV) truck charging ecosystem of Blue Energy Motors and Greenline. The proposed projects are slated to commence in the fiscal year 2026-27.

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The MoU paves the way for Essar Renewables’s proposed investment in the state, with plans to develop 2 GW of renewable energy capacity for its green mobility initiative. Essar Renewables CEO Ankur Kumar said, “We are excited to embark on this transformative journey with the government of Maharashtra. This collaboration represents a crucial milestone in our renewable energy projects and also establishes us as a formidable player in the sector.”

Essar director Prashant Ruia said, “As we navigate the global energy transition, this partnership with the government of Maharashtra is a critical step in reshaping the future of sustainable energy for green mobility. With our investment in renewable energy and green mobility solutions, we are driving the state’s growth while positioning India as a global leader in the green economy.” The partnership aligns with Essar Renewables’s ambitious goal of surpassing 8 GW of renewable energy capacity over the next five years

On the first day of the World Economic Forum in Davos, the Maharashtra government signed MoUs worth Rs 6.25 lakh crore.

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