Essar

The plan includes a proposed $15 billion steel complex in Iowa and nearly $3 billion already invested in a Minnesota iron ore mine and pelletising facility

Trump has unveiled a $15 billion steel project with Indian conglomerate Essar; behind the landmark announcement is the Ruia family's decades-long journey through expansion, debt, and restructuring

US President Donald Trump on Monday unveiled Essar Group's plans to build a massive steel plant in Iowa, at an investment of USD 15 billion. Trump made the announcement in the Oval Office with Essar Group co-founder Ravi Ruia and his son Rewant by his side. "Today, we're thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa," Trump said. Essar Group's Mesabi Metallics chairman Rewant Ruia thanked Trump "for bringing back the importance of building things in America." Mesabi Metallics is building the plant with the aim of starting production by 2030, a White House official said. The facility is expected to produce 10 million tonnes of steel a year and create as many as 1,750 permanent jobs in the state, the official said. The plant will use iron ore from a new mine that the company invested USD 2.5 billion to build in Minnesota. The mine will produce about 7.5 million tonnes of iron per year and create ab

The £250-million acquisition will add 118 sites to EET Retail's existing 117 forecourts, creating a 235-site network as Essar targets 800 UK forecourts by 2031

The acquisition will take the number of petrol stations operated by Essar Energy Transition Retail (EET Retail) to 235

Essar Green Mobility is targeting to deploy 30,000 LNG and electric trucks supported by a network of 100 alternative fuel and charging hubs across the country as part of India's largest clean freight initiatives, an official said. The expansion is expected to cut around one million tonnes of CO2 annually from freight operations - a key contributor to transport emissions - marking a significant step in decarbonising the logistics sector. "The transition away from diesel will happen only when clean alternatives match the operational and economic realities of freight movement. That is the gap we are addressing," said B C Tripathi, Operating Partner - Energy, Essar Group. The plan integrates vehicle manufacturing, fleet operations and fuelling infrastructure to create a fully scaled clean freight ecosystem. Essar says this end-to-end model will help address high upfront costs and infrastructure bottlenecks that have constrained adoption of low-emission freight technologies in India's .

Essar Future Energy Limited on Monday announced it would establish a large-scale bio-fuel complex in Gujarat's Devbhumi Dwarka district with a proposed investment of Rs 5,100 crore. The company signed a Memorandum of Understanding (MoU) with the state government at the ongoing Vibrant Gujarat Regional Conference (VGRC) in Rajkot. "The project involves a proposed investment of Rs 5,100 crore and is expected to generate around 350 direct employment opportunities, with operations targeted to commence by 2029," a release from the company said. Under the MoU, Essar Future Energy will establish a large-scale bio-fuel complex in Devbhumi Dwarka district, with an initial feedstock processing capacity of 1 million tonnes per annum (MTPA), it added. The project will be developed as an SEZ unit and will focus on decarbonizing hard-to-abate sectors, offering clean fuel solutions for aviation, shipping, and road transport, the release said, adding that it is expected to contribute to regional .

EPL was found to have diverted a greater share of power to ESL, reducing GUVNL's allocation.

The Mumbai-based firm currently operates six stations along major freight corridors in Rajasthan, Gujarat, Maharashtra, Karnataka and Tamil Nadu

Essar Group's Black Box to double India headcount and revenue as it ramps up investment in AI-led digital infrastructure, public-sector tech and secure IT services

Company will invest in renewable energy capacity for state's green mobility initiative

EET Fuel, the trading name of Essar Oil (UK) Ltd, on Tuesday announced securing USD 350 million finance as investors reposed confidence in its decarbonisation strategy and market positioning. The firm secured USD 350 million through a combination of new financing by African Export-Import Bank (Afreximbank) and upsizing extension of existing crude facility, it said in a statement. EET Fuels, which owns and operates the UK's Stanlow refinery, is investing USD 1.2 billion over the next five years to decarbonise its operations and targeting a 95 per cent cut in emissions by 2030 through energy efficiency, carbon capture and fuel switching. The new facilities secured are USD 150 million from Afreximbank - the Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade - and upsizing of the previously reported USD 300 million trade credit financing facility with an international oil company to USD 500 million. "The company has agreed USD 3

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Essar Group's IT arm Black Box has reported a 60 per cent jump in consolidated net profit to Rs 51.14 crore for the July-September quarter, helped by operating leverage. It had reported a net profit of Rs 31.96 crore in the year-ago period, according to a regulatory filing. Its revenue for the quarter under review declined 4.89 per cent to Rs 1,497.2 crore from Rs 1,574.3 crore in Q2 FY24. The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) for the quarter increased 34 per cent to Rs 135 crore, a statement said. "The company's commitment towards better performance achieved through operating leverage has led to growth in both EBITDA and PAT margins," it added. Seen sequentially, profit and revenue rose by 37.88 per cent and 5.19 per cent, respectively. Black Box Whole Time Director Sanjeev Verma said the company's cost optimisation efforts will yield consistent growth in operating performance and enhanced productivity, leading to better margins.

Manu Kapoor is an established leader with a successful career managing corporate reputation and brands across the Middle East, Africa, Central Asia, Eastern Europe, and Asia

Essar Group on Friday announced the appointment of Manu Kapoor as its Group Chief for public policy and corporate affairs. Kapoor joins the company with over three decades of specialised experience with corporations, governments, public sector agencies, and industry groups. He is an established leader with a successful career in managing corporation's reputation and brands across the Middle East, Africa, Central Asia, Russia, CIS (Commonwealth of Independent States), eastern Europe, Baltics and Asia. He carries an in-depth knowledge of the geo-political landscape across the globe. Prashant Ruia, Director, Essar Capital, said, "Manu will be responsible for building and maintaining strategic relationships with key stakeholders, including businesses, government bodies, regulators, media, and policymakers". "Essar is strengthening its global presence in energy transition, green steel, digitisation, technology, and innovation. It's an incredible opportunity to collaborate with industry

Essar group will turn the UK's Stanlow refinery into the world's first decarbonised green refinery as it plans to use blue hydrogen for meeting heating and power needs of the unit, cutting carbon emissions by as much as 95 per cent, a top official said Tuesday. Speaking at FT's Energy Transition Summit India, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investments, said Essar Energy Transition's (EET) HyNet project will produce 350-megawatt of blue hydrogen in phase-1 and another 1 gigawatt in phase-II. Since the UK does not have solar and wind potential to produce renewable electricity which could be used to split water in an electrolyser to produce green hydrogen and oxygen, EET will use natural gas to produce blue hydrogen and also capture and permanently store carbon produced during the process. "We are going to make this (Stanlow) the world's first decarbonised green refinery. We are decarbonising 95 per cent of our carbon dioxide (CO2)" ...

Essar Group's IT arm Black Box expects the share of India business to grow by 1-2 percentage points in its course to become a USD 2 billion revenue company by 2027-28, a top official of the company said. The company specialises in building IT infrastructure for critical technology applications including hyperscaler data centres and planning to bring its learning to the Indian market as many of the company's global customers are looking to invest in the country, Black Box CEO Sanjeev Verma told PTI. He said that the company plans to increase employee headcount across all levels in India to around 1,000 people from about 600 people at present. "Currently, India is 6 per cent of our business. We do not expect it to become much larger, but if we have to go to USD 2 billion then it will be significantly important for us to move it to 7- 8 per cent," Verma said. The company has reported revenue of around USD 750 in FY2024. Verma said that Black Box want to bring some value to India base

Essar Shipping on Thursday reported a consolidated loss of Rs 34.53 crore in the first quarter ended June 2024. The company had clocked a profit of Rs 26.13 crore in the corresponding quarter a year ago, the company said in a regulatory filing to the BSE. Its total income from operations in the June quarter declined to Rs 11.57 crore, against Rs 48.48 crore in the year-ago period. The firm's total expenses stood at Rs 40.56 crore, compared to Rs 30.47 crore in the year-ago period. The company said it's current liabilities, including outstanding portion of Foreign Currency Convertible Bonds (FCCB) which have fallen due for redemption, exceed its current assets as on June 30, 2024.

Essar Group is awaiting final approvals to start investing about USD 4.5 billion in building a low-carbon steel plant in Saudi Arabia, its top official Prashant Ruia said. The approvals are expected anytime now, after which the conglomerate will start working on the 4 million tonne per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia. "We still haven't got all the final approvals," Ruia, director of Essar Capital, which manages the group's portfolio of investments, said in an interview with PTI. The plant will meet domestic steel demand in Saudi Arabia. "Saudi Arabia is going through a large growth phase, a large part of steel today is getting imported into Saudi Arabia. So this is basically a domestic plant," he said. The oil-rich kingdom is eyeing becoming an electric vehicle manufacturing hub, manufacturing more than 3 lakh cars annually by 2030. Essar is looking to tap into the demand for steel for such cars as well as for other consumer goods ...