Essar awaits final approval for $ 4.5 bn steel plant in Saudi Arabia

24 Jun 2024 CW Team

Ruia, the director of Essar Capital, which manages the group's investment portfolio, mentioned in an interview with PTI that they have not yet received all the final approvals.

The plant is intended to meet Saudi Arabia's domestic steel demand.

Ruia noted that Saudi Arabia is experiencing significant growth, with much of its current steel supply being imported. Hence, the new plant is designed to serve as a domestic supplier.

Saudi Arabia aims to become a hub for electric vehicle manufacturing, planning to produce more than 300,000 cars annually by 2030. Essar intends to meet the demand for steel required for these vehicles as well as for other consumer goods industries. The construction of the Essar plant is expected to take between three to three and a half years.

Essar, which became debt-free two years ago after selling some infrastructure assets, is now investing in decarbonisation projects and green mobility to drive its next growth phase.

This plant will be Essar Group's first steel project outside India. The conglomerate, which spans metals to infrastructure, previously owned and operated an integrated steel plant in Hazira, Gujarat, but lost it to ArcelorMittal in an insolvency battle.

Ruia added that work on the project will begin once all necessary approvals are received, and the company already possesses the land for the multibillion-dollar project. According to additional information from Essar Group, the integrated steel project will be carried out by its subsidiary, Green Steel Arabia, on a 1,000-acre land parcel in Ras Al-Khair province, with an estimated total project cost of USD 4.5 billion.

The plant will use gas-based direct reduced iron (DRI) and electric arc furnace (EAF) technology to primarily cater to local needs in Saudi Arabia. Essar also plans to invest in building two dedicated berths at Ras Al-Khair port exclusively for its steel project.

Essar Group is awaiting final approvals to begin a $ 4.5 billion investment in constructing a low-carbon steel plant in Saudi Arabia, according to its top official, Prashant Ruia. These approvals are anticipated soon, after which the conglomerate will commence work on the 4 million tonne per year steel plant, along with port facilities at Ras Al-Khair in Saudi Arabia. Ruia, the director of Essar Capital, which manages the group's investment portfolio, mentioned in an interview with PTI that they have not yet received all the final approvals. The plant is intended to meet Saudi Arabia's domestic steel demand. Ruia noted that Saudi Arabia is experiencing significant growth, with much of its current steel supply being imported. Hence, the new plant is designed to serve as a domestic supplier. Saudi Arabia aims to become a hub for electric vehicle manufacturing, planning to produce more than 300,000 cars annually by 2030. Essar intends to meet the demand for steel required for these vehicles as well as for other consumer goods industries. The construction of the Essar plant is expected to take between three to three and a half years. Essar, which became debt-free two years ago after selling some infrastructure assets, is now investing in decarbonisation projects and green mobility to drive its next growth phase. This plant will be Essar Group's first steel project outside India. The conglomerate, which spans metals to infrastructure, previously owned and operated an integrated steel plant in Hazira, Gujarat, but lost it to ArcelorMittal in an insolvency battle. Ruia added that work on the project will begin once all necessary approvals are received, and the company already possesses the land for the multibillion-dollar project. According to additional information from Essar Group, the integrated steel project will be carried out by its subsidiary, Green Steel Arabia, on a 1,000-acre land parcel in Ras Al-Khair province, with an estimated total project cost of USD 4.5 billion. The plant will use gas-based direct reduced iron (DRI) and electric arc furnace (EAF) technology to primarily cater to local needs in Saudi Arabia. Essar also plans to invest in building two dedicated berths at Ras Al-Khair port exclusively for its steel project.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..