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Essar

Essar awaits final approvals to begin work on steel plant in Saudi

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 ...

Essar awaits final approvals to begin work on steel plant in Saudi
Updated On : 23 Jun 2024 | 11:38 AM IST

Essar sees growth potential for Black Box amid AI boom: Prashant Ruia

Essar Group sees huge growth potential in its IT firm Black Box with boom in artificial intelligence (AI) technology driving demand for new data centres and managed services across the globe, a top official of the multinational conglomerate said. In an exclusive interview with PTI, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investment, expressed confidence in the sector. "This is a company which can see tremendous growth, because the kind of growth taking place in data centres and managed services globally is exponential," he said. Black Box, listed on the Indian stock exchanges, has operations spread across 35 countries, but its major business comes from the US. "It's obviously listed in India, but it's primarily headquartered, main operations are in the US. We currently do about USD 800 million of revenue in Black Box... about 75 per cent of the market for us is the US. We have a very large operation headquartered in Dallas, we have close to

Essar sees growth potential for Black Box amid AI boom: Prashant Ruia
Updated On : 15 Jun 2024 | 6:01 PM IST

Essar to speed up CBM plans; to raise output to 5 mmscmd in 3-4 years

Essar Oil and Gas Exploration & Production Ltd is speeding up capital expenditure plans to explore and produce unconventional hydrocarbons that will help raise gas output at its flagship block to about 5 million standard cubic meters per day from less than 1 mmscmd now, its CEO said. EOGEPL is India's largest producer of Coal-Bed Methane (CBM) which just like conventional gas can be used as CNG in automobiles or as feedstock in industries. Buoyed by investor-friendly upstream policy reforms in recent years, including providing marketing and pricing freedom for CBM, the firm is drilling more wells, including horizontal ones, that will help tap into wider resources lying below coal seam in its Raniganj East block in West Bengal, EOGEPL CEO Pankaj Kalra told reporters on the sidelines of the India Energy Week. The firm currently produces 0.9 mmscmd of gas or 1 per cent of India's total gas output. "Our drilling campaign will see production rise to 2.3-2.4 mmscmd in the next 14-15 ...

Essar to speed up CBM plans; to raise output to 5 mmscmd in 3-4 years
Updated On : 08 Feb 2024 | 10:33 AM IST

Global investors attracted to India amid political stability: Prashant Ruia

We are making significant advances in energy transition, focusing on hydrogen, green mobility, and green steel ecosystems, Ruia said

Global investors attracted to India amid political stability: Prashant Ruia
Updated On : 14 Jan 2024 | 11:30 PM IST

Essar's Black Box expands footprints in India to serve local customers

IT solutions provider Black Box is expanding footprint in India as demand for digital infrastructure and data centre integration space grows, a company official said. Black Box, one of Essar's flagship businesses in technology and retail vertical, recently set up a centre of excellence in Bengaluru to support its global clients. The centre is equipped with advanced research and development laboratories, command centres, a service desk, and delivery operations targeting its client needs. "India holds significant importance as a market for us, serving both Indian conglomerates and global customers. We have a positive outlook on our growth potential in India and will continue to invest here," said Sanjeev Verma, Chief Executive Officer (CEO) of Black Box Corporation. The ongoing digitisation initiative of the government and the strong demand for data centres are areas the firm would evaluate, given its expertise in working with hyper-scale customers, he said. The company is expanding

Essar's Black Box expands footprints in India to serve local customers
Updated On : 08 Oct 2023 | 10:56 AM IST

Black Box to expand into digital infra, data center integration space

Reliance Industries Ltd (RIL) announced in July that it is investing $122 million alongside Brookfield in a data centre joint venture

Black Box to expand into digital infra, data center integration space
Updated On : 04 Oct 2023 | 10:13 AM IST

Essar, Desert Tech sign pact for green steel solutions in Saudi Arabia

Essar has been tying up the back end for its proposed Saudi steel plant, which is expected to start production in 2027

Essar, Desert Tech sign pact for green steel solutions in Saudi Arabia
Updated On : 11 Sep 2023 | 7:22 PM IST

Essar, Desert Tech ink pact for RE solutions for Saudi steel project

Essar Group on Monday signed a pact with solar PV firm Desert Technologies for developing renewable energy solutions for the Indian conglomerate's KSA Green Steel Arabia project. "Both parties signed a Memorandum of Understanding (MoU) to develop renewable energy solutions for Essar Group's Green Steel Arabia (GSA) project in the Kingdom of Saudi Arabia (KSA) as well as potential future projects which will put Saudi Arabia on the map, as a pioneering country in Green Steel production and green energy generation," the company said in a statement. Through this partnership, DT and Essar will develop solutions for renewable energy generation and storage for Essar's flat steel complex in the KSA which is the first green steel project in the Gulf region and will also explore opportunities for other potential projects. Essar is investing USD 4.5 billion in building a 4 million tonne per annum integrated steel plant in Ras Al-Khair, Saudi Arabia. Essar's GSA project is poised to be the ...

Essar, Desert Tech ink pact for RE solutions for Saudi steel project
Updated On : 11 Sep 2023 | 6:06 PM IST

Essar Oil reports Rs 190 cr revenue, net profit of Rs 81 cr for June qtr

The PAT for the quarter was up 12 per cent due to improvement in sales volume, it said in a statement

Essar Oil reports Rs 190 cr revenue, net profit of Rs 81 cr for June qtr
Updated On : 31 Aug 2023 | 9:55 PM IST

Essar to invest Rs 2,000 cr in Bengal's Raniganj brownfield CBM project

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) will invest another Rs 2,000 crore in the next 18 to 24 months in its coal bed methane project in West Bengal's Raniganj, an official said. The company earlier had already invested Rs 5,000 crore in the Raniganj block in drilling 350 wells and producing nearly 0.9 million metric standard cubic metres (mmscd) of gas per day. Chief executive officer (CEO) of EOGEPL, Pankaj Kalra, told PTI that another investment of Rs 2,000 crore will be made for drilling 200 more wells in the next 18 to 24 months. "We are employing the latest technology in the existing wells to ramp up production from 0.9 mmscd to 1.3 mmscd which will be completed in a few months ", Kalra said. Total CBM production from Ranigunj will touch around three mmscd when the additional wells become operational, Kalra added. He said the company is currently contributing nearly 65 per cent to the country's total CBM production, which is likely to go up to 90 per cen

Essar to invest Rs 2,000 cr in Bengal's Raniganj brownfield CBM project
Updated On : 26 Apr 2023 | 4:51 PM IST

UK clears Essar's $2.4 bn energy transition project helping carbon economy

Vertex Hydrogen project will support UK government's net zero ambitions, says company

UK clears Essar's $2.4 bn energy transition project helping carbon economy
Updated On : 30 Mar 2023 | 6:35 PM IST

Essar group returns to steel business with $8-billion investment

Setting up steel plant in Saudi, an iron pellet plant each in Odisha, US

Essar group returns to steel business with $8-billion investment
Updated On : 05 Mar 2023 | 11:39 PM IST

Essar Group bets $3.6 billion on decarbonisation in India and UK

Will invest $1.2 bn to develop a global supply hub for low-carbon fuels

Essar Group bets $3.6 billion on decarbonisation in India and UK
Updated On : 27 Feb 2023 | 11:42 PM IST

Vertex Hydrogen to supply over 1,000 MW of hydrogen to UK industries

Vertex Hydrogen is a leader in the energy transition, developing the UK's first large scale, low carbon hydrogen production hub at Essar's site in Ellesmere Port

Vertex Hydrogen to supply over 1,000 MW of hydrogen to UK industries
Updated On : 23 Feb 2023 | 5:04 PM IST

Essar group eyes forays into clean energy, infrastructure, IT solutions

The Essar Group plans to rearrange its priorities to focus on four major verticals like energy, infrastructure and logistics, technology and retail, as well as metals and mining

Essar group eyes forays into clean energy, infrastructure, IT solutions
Updated On : 09 Feb 2023 | 10:06 PM IST

Essar on a new path of growth, to invest in energy, steel, mining sectors

Armed with substantially lighter balance sheet after repaying Rs 2 lakh crore debt, Essar is embarking on the next phase of growth by investing in hydrogen projects, building LNG import facility and retail chain, and setting up steel plants. Prashant Ruia, director, Essar Capital Ltd, said Essar currently owns businesses in the core sectors of energy, metals and mining, infrastructure, services and technology and its future plans centre around them. It is looking to set up steel plants in Odisha and Saudi Arabia and a facility to import liquefied natural gas (LNG) at Hazira in Gujarat. In the UK, where it owns an oil refinery, the group is setting up a blue hydrogen plant and is exploring opportunities to set up a green ammonia unit in India. Essar has set up a unit to retail LNG to trucks and will set up a chain of outlets dispensing the environment-friendly fuel. "We have completed what is certainly the one of the biggest, if not the biggest, deleveraging exercise by repaying Rs

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Updated On : 07 Feb 2023 | 11:14 PM IST

Tata Chemicals Europe, Vertex sign low-carbon hydrogen offtake agreement

Vertex will supply TCE with hydrogen as the manufacturer continues to decarbonise its operations in the UK with a target of achieving "net zero" manufacturing by 2030

Tata Chemicals Europe, Vertex sign low-carbon hydrogen offtake agreement
Updated On : 26 Jan 2023 | 6:35 PM IST

Essar concludes $2 bn sale of captive port, power infra assets to AM/NS

Ruia family-run Essar group on Monday said it has concluded the sale of captive ports and power assets located at Hazira in Gujarat and Paradip in Odisha to Arcelor Mittal Nippon Steel India Ltd (AM/NS) for USD 2.05 billion (about Rs 16,500 crore). With the sale, Essar has completed its asset monetisation programme to effectively become debt free. "Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) today concluded the USD 2.05 billion sale of captive ports and power assets located in Hazira and Paradip to AM/NS," it said in a statement. The sale consisted of infra assets including a 270 MW power plant and 25 million tonnes per annum port at Hazira, Gujarat, and a 12 million tonnes a year port at Paradip, Odisha. Prashant Ruia, Director, Essar Capital, said, "Essar has concluded its asset monetisation programme and completed the debt repayment of USD 25 billion (Rs 2 lakh crore) effectively making the group debt-free from Indian banks and financial institutions". Essar ..

Essar concludes $2 bn sale of captive port, power infra assets to AM/NS
Updated On : 21 Nov 2022 | 4:47 PM IST

Essar Constructions bags Rs 97 cr contract from Jindal Stainless: Report

Essar Constructions India Ltd (ECIL) , the Indian arm of Essar Projects, on Friday said it has added Jindal Stainless as its client, by winning a Rs 97-crore contract. The order is for mechanical works for blast furnace at Jajpur, the firm said in a social media post. Speaking on the occasion, Sejal Jani, Head - Business Development, Tendering & Estimation, ECIL said, "As we take gradual steps towards building a robust order book, widening the portfolio of clients has also been of importance." While the firm reaches out to showcase its capabilities and connect with new clients, it fully acknowledge that efficient execution was crucial to uphold its image in the market. "ECIL has been strengthening its foothold in the minerals and metals domain. Time and cost effective deliveries of orders won during the past one year has not only led to repeat orders, but also enhanced overall market confidence, leading to opening of new doors," he said. Formed in May 2017 to pursue EPC business .

Essar Constructions bags Rs 97 cr contract from Jindal Stainless: Report
Updated On : 16 Sep 2022 | 6:21 PM IST

AM/NS India to acquire infra assets from Essar Group for $2.4 billion

The ownership of port assets had been in courts since 2020 after AM/NS India moved the Gujarat High Court

AM/NS India to acquire infra assets from Essar Group for $2.4 billion
Updated On : 26 Aug 2022 | 11:52 PM IST