Page 3 - Essar Group
Essar to invest $4 bn in steel plant in Saudi Arabia in 3 years: Official
The Essar Group is looking to invest USD 4 billion in setting up an integrated flat steelworks plant in Saudi Arabia in the next three years, a senior company official said. The plant, which will cost Saudi Riyal 15 billion (USD 4 billion), is scheduled to break ground by this year-end and be completed by the end of 2025, said Amar Kapadia, general manager for corporate planning at Essar. The new 4-million tonnes per annum integrated flat steelworks plant will have continuous casting and hot strip capacity, 1-million tonnes of cold rolled coil capacity, and a tin plate line in Ras Al-Khair Industrial City on Saudi Arabia's east coast. The new facility will also have two direct reduced iron plants, each with a 2.5-million tonnes a year capacity. Essar signed a memorandum of understanding with the Saudi Arabia's National Industrial Development Centre (NIDC) in October 2021, and an agreement with the Royal Commission for Jubail and Yanbu (RCJY) for land allocation in December. "We ha
 "Essar to invest $4 bn in steel plant in Saudi Arabia in 3 years: Official")
Top headlines: RIL investor meet, surplus parked with RBI falls, and more
Business Standard brings you the top headlines at this hour
 "Top headlines: RIL investor meet, surplus parked with RBI falls, and more")
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")
Battered by three decades of controversy, TMB looks back to the future
The storied bank hopes to put its troubles behind it with its impending IPO
 "Battered by three decades of controversy, TMB looks back to the future")
Essar, Progressive Energy to set up $1.3 billion hydrogen hub in UK
The joint venture, Vertex Hydrogen, will produce 1 gigawatt (GW) of hydrogen per year from two units from 2026, Essar said
Essar to invest 750 million pound to set up hydrogen project in UK
Essar Group in partnership with clean energy specialist Progressive Energy will invest 750 million pound to build the UK's biggest low carbon hydrogen production hub
 "Essar to invest 750 million pound to set up hydrogen project in UK")
AGC Networks raises Rs 225 crore via issuance of warrants to promoters
AGC Networks Limited, a part of Essar Group, on Monday said it has raised Rs 225 crore through issuance of convertible warrants to promoters and promoter group of the company
 "AGC Networks raises Rs 225 crore via issuance of warrants to promoters")
India's Essar, Brazilian firms consider bid for Petrobras' refinery
Both Refap and Repar are located in Brazil's southern region and have a production capacity of 200,000 barrels per day each
 "India's Essar, Brazilian firms consider bid for Petrobras' refinery")
ArcelorMittal moves HC against Gujarat govt, Essar over Hazira port licence
Essar Steel owns a 10 million tonnes per annum steel plant at Hazira in Gujarat, which is serviced by a captive jetty constructed at port.
 "ArcelorMittal moves HC against Gujarat govt, Essar over Hazira port licence")
Essar group places bid for Brazil's Petrobras refinery in Bahia: Report
In a recent note to clients, analysts from Bradesco BBI valued the RLAM refinery, based in the northeastern Brazilian state of Bahia, at $2.5 billion
 "Essar group places bid for Brazil's Petrobras refinery in Bahia: Report")
Giving teeth to bankruptcy code
By adopting a few steps many companies that have no alternative but to go to the NCLT to keep themselves from closing down can be saved
 "Giving teeth to bankruptcy code")
Essar Foundation to offer meals to people affected by coronavirus
The foundation has committed to provide 1.25 million meals to communities affected by the COVID-19 outbreak
 "Essar Foundation to offer meals to people affected by coronavirus")
Essar Group plans to cut residual debt by 70% to Rs 12,000 crore
Group enters the final leg of deleveraging post oil, steel business sell-off
 "Essar Group plans to cut residual debt by 70% to Rs 12,000 crore")
Essar to further cut down debt by 70% in last leg of deleveraging exercise
From Rs 1.83 trillion of debt in FY17, the group brought down the debt by a staggering Rs 1.40 trillion over the last three years
 "Essar to further cut down debt by 70% in last leg of deleveraging exercise")
Ruias plan comeback, say Essar to re-start investment in India and abroad
Group repaid Rs 1.4 trn debt to banking system over past three years; promoters say it currently generates earnings of Rs one trn a year, mainly from UK refinery
Gruelling battle for 865 days: The making of Rs 42,000-cr Essar Steel deal
Getting to this point wasn't easy. The road was riddled with challenges as much for ArcelorMittal as it was for stakeholders
 "Gruelling battle for 865 days: The making of Rs 42,000-cr Essar Steel deal")
Losing steel arm to ArcelorMittal to hurt Essar India; revenue may fall 97%
Revenue hit of 96% is combined impact of earlier divestment in Essar Oil & losing control of Essar Steel
Essar leads India Inc deleveraging; pays off Rs 1.4 trillion: Prashant Ruia
Despite deleveraging, the group still has a fairly substantial portfolio of assets and companies in the five sectors of energy, infrastructure, metals and mining, services and technology
 "Essar leads India Inc deleveraging; pays off Rs 1.4 trillion: Prashant Ruia")
Recent CoC decisions raise hopes for the return of errant promoters
Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions
 "Recent CoC decisions raise hopes for the return of errant promoters")
Top 10 biz headlines: Ruias win back Mahan Power, auto cos' GST woes & more
From the Ruias being set to wrest back control of the Mahan Power project to the govt's warning that GST relief for auto cos may raise burden on other goods, here are Thursday's top business headlines
 "Top 10 biz headlines: Ruias win back Mahan Power, auto cos' GST woes & more")