Essar Group

The Essar Group is currently led by his younger brother Ravi and his sons Prashant and Anshuman

Shashi Ruia, who co-founded the Essar Group along with his brother Ravi Ruia, is credited for expanding the company's global footprint

Expenses decreased 7.2 per cent to Rs 1,425.16 crore for Q2FY25, compared with Rs 1536.08 crore in the previous year

Manu Kapoor is an established leader with a successful career managing corporate reputation and brands across the Middle East, Africa, Central Asia, Eastern Europe, and Asia

Essar Group on Friday announced the appointment of Manu Kapoor as its Group Chief for public policy and corporate affairs. Kapoor joins the company with over three decades of specialised experience with corporations, governments, public sector agencies, and industry groups. He is an established leader with a successful career in managing corporation's reputation and brands across the Middle East, Africa, Central Asia, Russia, CIS (Commonwealth of Independent States), eastern Europe, Baltics and Asia. He carries an in-depth knowledge of the geo-political landscape across the globe. Prashant Ruia, Director, Essar Capital, said, "Manu will be responsible for building and maintaining strategic relationships with key stakeholders, including businesses, government bodies, regulators, media, and policymakers". "Essar is strengthening its global presence in energy transition, green steel, digitisation, technology, and innovation. It's an incredible opportunity to collaborate with industry

Essar group will turn the UK's Stanlow refinery into the world's first decarbonised green refinery as it plans to use blue hydrogen for meeting heating and power needs of the unit, cutting carbon emissions by as much as 95 per cent, a top official said Tuesday. Speaking at FT's Energy Transition Summit India, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investments, said Essar Energy Transition's (EET) HyNet project will produce 350-megawatt of blue hydrogen in phase-1 and another 1 gigawatt in phase-II. Since the UK does not have solar and wind potential to produce renewable electricity which could be used to split water in an electrolyser to produce green hydrogen and oxygen, EET will use natural gas to produce blue hydrogen and also capture and permanently store carbon produced during the process. "We are going to make this (Stanlow) the world's first decarbonised green refinery. We are decarbonising 95 per cent of our carbon dioxide (CO2)" ...

Essar Group's IT arm Black Box expects the share of India business to grow by 1-2 percentage points in its course to become a USD 2 billion revenue company by 2027-28, a top official of the company said. The company specialises in building IT infrastructure for critical technology applications including hyperscaler data centres and planning to bring its learning to the Indian market as many of the company's global customers are looking to invest in the country, Black Box CEO Sanjeev Verma told PTI. He said that the company plans to increase employee headcount across all levels in India to around 1,000 people from about 600 people at present. "Currently, India is 6 per cent of our business. We do not expect it to become much larger, but if we have to go to USD 2 billion then it will be significantly important for us to move it to 7- 8 per cent," Verma said. The company has reported revenue of around USD 750 in FY2024. Verma said that Black Box want to bring some value to India base

Essar Group is awaiting final approvals to start investing about USD 4.5 billion in building a low-carbon steel plant in Saudi Arabia, its top official Prashant Ruia said. The approvals are expected anytime now, after which the conglomerate will start working on the 4 million tonne per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia. "We still haven't got all the final approvals," Ruia, director of Essar Capital, which manages the group's portfolio of investments, said in an interview with PTI. The plant will meet domestic steel demand in Saudi Arabia. "Saudi Arabia is going through a large growth phase, a large part of steel today is getting imported into Saudi Arabia. So this is basically a domestic plant," he said. The oil-rich kingdom is eyeing becoming an electric vehicle manufacturing hub, manufacturing more than 3 lakh cars annually by 2030. Essar is looking to tap into the demand for steel for such cars as well as for other consumer goods ...

Essar Group plans to invest Rs 30,000 crore over the next four years in setting up a green hydrogen plant at Jamnagar in Gujarat as the metals-to-infrastructure conglomerate eyes clean energy as a key pillar for its new phase of growth. The conglomerate is looking to decarbonise its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and build an LNG and electric ecosystem to decarbonise long-haul heavy trucks, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investments, said. It is also considering an entry into mining of critical minerals, mainly used in electric vehicle batteries, solar panels and wind-turbine magnets. Essar Future Energy plans to develop 1 gigawatt of hydrogen capacity along with associated green molecules capacity of 1 million tonne per annum in Jamnagar over the next four years, he said in an interview with PTI. "We are going to invest around Rs 30,000 crore (in the green hydrogen project in Jamnagar)," he .

Essar Group sees huge growth potential in its IT firm Black Box with boom in artificial intelligence (AI) technology driving demand for new data centres and managed services across the globe, a top official of the multinational conglomerate said. In an exclusive interview with PTI, Prashant Ruia, director of Essar Capital, which manages the group's portfolio of investment, expressed confidence in the sector. "This is a company which can see tremendous growth, because the kind of growth taking place in data centres and managed services globally is exponential," he said. Black Box, listed on the Indian stock exchanges, has operations spread across 35 countries, but its major business comes from the US. "It's obviously listed in India, but it's primarily headquartered, main operations are in the US. We currently do about USD 800 million of revenue in Black Box... about 75 per cent of the market for us is the US. We have a very large operation headquartered in Dallas, we have close to

We are making significant advances in energy transition, focusing on hydrogen, green mobility, and green steel ecosystems, Ruia said

These projects would create over 10,000 job opportunities

Saudi Arabia has been trying to shift its economy away from oil and is aiming to manufacture more than 300,000 cars annually by 2030

On Wednesday, shares of Black Box closed at Rs 204, giving the company a total valuation of Rs 3,427 crore

Essar has been tying up the back end for its proposed Saudi steel plant, which is expected to start production in 2027

Complete raw material supply of iron ore feed for project secured, says Indian firm

Bahrain-based firm Foulath arm Bahrain Steel has collaborated with Essar Group's KSA Green Steel Project for supply of iron ore pellet to Green Steel Arabia (GSA) project. Through this partnership, the Bahrain Steel will deliver four million tonnes of DR-grade pellets per annum (mtpa) to Essar Group, a statement said. The Bahrain Steel is the only (Gulf Cooperation Council) GCC-owned pellet producer and leading supplier of high-quality DR grade pellets to all integrated steel producers in the region, it stated. "Foulath Subsidiary, Bahrain Steel, a leading producer, and global supplier of high-grade iron-ore pellets, has partnered with multinational conglomerate Essar Group in the supply of iron ore pellets to the Green Steel Arabia (GSA) project. The Letter of Intent (LOI) signing ceremony was held on Wednesday, 16th August 2023, in Jubail, Saudi Arabia. Dilip George, Group CEO of Foulath Holding, said in the statement,"Bahrain Steel's LOI with Essar for the supply of 4 million .

Vertex Hydrogen project will support UK government's net zero ambitions, says company

TMS Ep384: Essar group, free trade agreement, metal stocks, generative AI

How can Essar regain its lost glory? Has India benefitted from its FTAs? Is it time to bet on metal stocks as China reopens? What is generative artificial intelligence? All answers here

Setting up steel plant in Saudi, an iron pellet plant each in Odisha, US