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Essar Steel

Govt may soon decide whether to curb steelmaking raw material imports

The trade ministry's Directorate General of Trade Remedies (DGTR) said in April the curbs were meant to protect domestic met coke producers from rising imports, which have increased by more than 61%

Updated On: 12 Dec 2024 | 6:04 PM IST

Essar Group hires Manu Kapoor as chief of public policy, corporate affairs

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

Updated On: 25 Oct 2024 | 5:12 PM IST

Essar awaits final approvals to begin work on steel plant in Saudi

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 ...

Updated On: 23 Jun 2024 | 11:38 AM IST

Essar sees growth potential for Black Box amid AI boom: Prashant Ruia

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

Updated On: 15 Jun 2024 | 6:01 PM IST

IOCL, ArcelorMittal get nod for arbitration to resolve Essar Steel dispute

The Supreme Court on Monday permitted Indian Oil Corporation (IOC) and ArcelorMittal Nippon Steel India Limited (AMNSIL) to initiate arbitral proceedings to resolve their dispute relating to Essar Steel India Limited (ESIL). A bench headed by Chief Justice D Y Chandrachud, which had reserved the judgement on the pleas on February 5, took note of the submissions of Solicitor General Tushar Mehta, appearing for the IOC, and senior advocates Harish Salve and Abhishek Singhvi, representing the AMNSIL, that they wanted to go for arbitration. Paving the way for arbitration, the bench asked the IOC and the ArcelorMittal firm to nominate two arbitrators within a week. The two arbitrators will then nominate the third for resolving the dispute. The parties have agreed to nominate two arbitrators within a week. The two arbitrators so appointed will nominate the third arbitrator. In view of the agreement of the parties, the Delhi High Court's judgment dated October 10, 2023 is rendered ...

Updated On: 12 Feb 2024 | 10:44 PM IST

Vibrant Gujarat Global Summit 2024: India a vishwa mitra, says PM Modi

All major rating agencies, Modi said, are of the opinion that India will be among the top three largest economies of the world in the next few years

Updated On: 10 Jan 2024 | 11:43 PM IST

Jindal, Adani, Mittal line up more projects and investments in Odisha

The spirit was matched by industrialists - the who's who of India Inc who were present on Thursday, the first day of the investment conclave

Updated On: 01 Dec 2022 | 11:58 PM IST

AM/NS bulks up for the future, focuses on acquisitions to secure infra

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

Updated On: 30 Nov 2022 | 9:58 PM IST

Exports necessary for steel players expanding capacities: AMNS India CEO

To maintain higher capacity utilisation, exports are necessary for local steel players expanding their capacities, as demand is not directly proportional to production, according to a top industry executive. "Since expansion happens... there will be a certain stage where you necessarily will have to export, if we have to be on high capacity utilisation," Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India told PTI. His comments assume significance as steel players are looking up to the government for relief in the form of roll back of the duties levied on steel exports. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent. In line with the government's 300 MT steel making capacity target, other steel players like Tata Steel, JSW Steel, SAIL and JSPL are also expanding their capacities to meet the goal. AMNS India on Friday commenced a Rs 60,000-crore expansion project to scale up its Hazira

Updated On: 31 Oct 2022 | 12:06 AM IST

AM/NS India kicks off Rs 60,000-crore Gujarat's Hazira plant expansion

Aditya Mittal says will make products never made before in India

Updated On: 28 Oct 2022 | 10:40 PM IST

Top Headlines: IPL media rights & Viacom18, CBDT on cross-border disputes

Digital media rights for IPL matches could lift the OTT play of Reliance Industries-led Viacom18, posing a challenge for the current leaders. Read more in our top headlines

Updated On: 14 Jun 2022 | 9:03 AM IST

What makes Essar steel sector's comeback kid amid insolvency proceedings

The $5.7-billion acquisition that closed after an 865-day-long saga was the largest private sector transaction in India in 2019 and the second-largest steel transaction globally that year

Updated On: 14 Jun 2022 | 6:01 AM IST

Sebi penalises erstwhile Essar Steel India for disclosure lapses

In a 35-page order, Sebi has imposed a fine of Rs 2 lakh on Essar Steel India Pvt Ltd for the disclosure lapses

Updated On: 28 Mar 2022 | 10:25 PM IST

We'll continue to invest majorly across the business: ArcelorMittal CEO

Aditya Mittal unveils a four-fold vision for joint venture with Nippon Steel in India, ArcelorMittal Nippon Steel India, of which he is also the chairman

Updated On: 17 Dec 2021 | 12:42 AM IST

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL

The steel plants acquired via IBC process include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat & Energy Ltd and Bhushan Power & Steel

Updated On: 22 Jul 2021 | 2:05 PM IST

AM/NS buys Essar Steel's CPP under Sarfaesi, says lenders will recover 85%

The acquisition of EPORL was completed on Saturday. The move is yet another effort to make AM/NS India's operations self-reliant

Updated On: 31 Jan 2021 | 8:33 PM IST

Lakshmi Mittal's journey a year after he came home to buy Essar Steel

It has been a mixed bag for the firm he renamed AMNS India, and while the pain of the downturn and the pandemic has subsided, other issues remain

Updated On: 17 Dec 2020 | 9:55 PM IST

A year of ArcelorMittal Nippon: A 'new type of steel company' in the works

Firm claims Covid has had no long-term impact, growth plans are on track and target of reaching 12-15 million tonne output remains

Updated On: 16 Dec 2020 | 11:20 PM IST

Steel companies reorient strategy to capture rising rural demand

While some companies have chalked out a relatively long-term plan to increase market penetration, others are seeing rural demand bounce back to pre-Covid levels

Updated On: 10 Sep 2020 | 6:05 AM IST

NMDC board okays demerger of three-mn-tonne Chhattisgarh steel plant

The plant is the only greenfield project slated for commissioning in the near term. Sources said it would have been commissioned by now had it not been for Covid-19

Updated On: 28 Aug 2020 | 10:37 PM IST