Essar Nears Final Approval for $4.5 Billion Saudi Steel Plant

28 Jun 2024 CW Team

Essar Group is on the brink of obtaining the final approvals necessary to commence construction of a $4.5 billion low-carbon steel plant in Ras Al-Khair, Saudi Arabia. The plant, which will have a production capacity of 4 million tonnes per year, is poised to meet the burgeoning domestic demand for steel in the Kingdom. This project marks Essar's first major steel investment outside India, reflecting its strategic expansion into the global market.

Prashant Ruia, Director of Essar Capital, confirmed that the company is awaiting the last set of approvals. The integrated steel project, managed by Essar's subsidiary Green Steel Arabia, will span 1,000 acres and feature state-of-the-art gas-based direct reduced iron (DRI) and electric arc furnace (EAF) technology, aimed at enhancing efficiency and reducing carbon emissions.

Additionally, Essar plans to construct two dedicated berths at the Ras Al-Khair port to facilitate the logistics for the steel plant. The project is expected to take about three to three-and-a-half years to complete. This initiative aligns with Saudi Arabia's vision to boost its domestic manufacturing capabilities, particularly in the automotive and consumer goods sectors, which are projected to drive significant steel demand.

Essar's pivot towards decarbonisation and green mobility underscores its commitment to sustainable growth. Following its debt-free status achieved two years ago, Essar is reinvesting in innovative projects to fuel its next phase of development. The company also expressed interest in re-entering the Indian steel industry when a suitable opportunity arises.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..