Essar Group may make further investment in Canada

After acquiring Algoma steel in 2007, diversified Essar Group may make further investments in Canada across several areas.

Canadian Industry Minister Tony Clement called on Essar Group Vice Chairman Ravi Ruia last evening and discussed the current and the possibilities of future investment in the country, a source close to the development told PTI.

What transpired in the meeting was kept under wraps, but the source said that Clement had asked the Essar Group to invest in the country in other areas apart from steel.

Essar Group is engaged in oil & gas, communication, shipping, power and construction as well other than steel.

Essar Steel had acquired Algoma Steel in 2007. Algoma has four million tonnes of steel making capacity and is among the top three producers of the alloy in Canada.

When contacted, an Essar Group spokesperson said, "Any investment decision will be taken up at the appropriate time depending upon the market condition."

Asked whether Essar Group would invest in other areas it is currently into, the official said, "It's too premature to talk on the matter."