Essar eyes on clean energy, infrastructure, and IT solutions

14 Feb 2023 CW Team

In order to concentrate on four key verticals, including energy, infrastructure and logistics, technology, and retail, as well as metals and mining, the Essar Group intends to reorganise its priorities.

Prashant Ruia, director of Essar Capital, said in a statement to IANS on the sidelines of the India Energy Week, which took place in Bengaluru from February 6 to 8, that the company has developed a strategy centred on the industries.

A 10 million tonnes per year refinery in the UK, a 1,200 MW power station in India, and 15 trillion cubic feet of unconventional hydrocarbon reserves in Vietnam and India are also part of the company's energy plans.

A 50:50 joint venture between Essar and ArcelorMittal Nippon Steel India for the construction of a 4 million tonnes per year LNG import facility at Hazira is also in the works; Ruia said that this joint venture would be made public after receiving the necessary permits.

He also disclosed that a green ammonia factory would be built in India and exported to its UK refinery.

Ruia added that the company intends to establish one project in each of the US, Saudi Arabia, and Odisha while remaining focused on the mining and metals industries.

Over a three-year period, the Essar Group plans to build an integrated flat steelworks complex in Saudi Arabia. It intends to build a 14 million tonne per year export-oriented pelletizing complex in Odisha, which will include a 250 km slurry pipeline, an iron ore fines beneficiation plant at Keonjhar, and a pellet factory at Paradip port.

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