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.

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..

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..

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..