Essar Group

The repo rate cut is expected to boost India’s power demand, besides making it easier for power companies to finance new renewable energy projects. It could also mean improved financial health of distribution companies (discoms).

Essar Group's Prashant Ruia sees lower battery prices boosting green plans

India is aiming to reach 500 gigawatts of clean power capacity by 2030 and affordable storage solutions for intermittent sources like solar and wind are crucial in a country that still gets nearly three-quarters of its electricity from coal.

Essar Group co-founder Shashi Ruia dies of prolonged illness at 80

Ruia, who co-founded metals-to-technology conglomerate Essar with his brother Ravi, died in Mumbai on November 25, family said in a statement.

Essar Energy Transition to build Europe's first hydrogen-fuelled power plant

Without giving details about the investment involved in building the project, the firm in a statement said it is announcing "the launch of EET Hydrogen Power, Europe's first hydrogen-ready combined heat and power plant (CHP) to be built at its Stanlow refinery, with the aim of completing construction in 2027".

Essar awaits final approvals to start work on $4.5 bn steel plant in Saudi Arabia

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.

Essar Group venture Pluckk reports Rs 100 crore ARR in FY24

Founded in 2021, Pluckk operates in Delhi, Mumbai, Bengaluru and Pune through more than eight marketplace platforms and delivers over 2 million products every month, a company statement said.

Vertex Hydrogen to change name to EET Hydrogen

This change is a natural progression in the development of the company from an early-stage idea into the leading hydrogen production project in the UK, a statement said.

Essar group gets second innings in steel business with $8-billion investment

With its re-entry into the steel business, the Essar group plans to open three projects are situated in Saudi Arabia, USA and India with a total investment of USD eight billion.

Essar to invest $3.6 billion in energy transition in UK, India

Essar Group, invested in energy, metals and mining, infrastructure and technology sectors, announced "the formation of Essar Energy Transition (EET) to drive the creation of the UK's leading energy transition hub in North West England."

CCI clears acquisition of ports, power assets of Essar Group by ArcelorMittal Nippon Steel

The deal covers port assets in Gujarat, Andhra Pradesh and Odisha as well as two power plants at Hazira and an electricity transmission line.

Essar Oil UK reports new financial arrangement of over $850 million

EOUK also announced that it has recently completed a review and update of its corporate governance, and its Board has adopted the recommendations arising out of that review process, which included "independent input from Ashurst LLP".

IDBI Bank rejects Royal Partner's discounted offer for Essar group arm EPC Constructions

"IDBI will not be open to any change in payment consideration (for EPC Constructions)," the lender said.

Essar group places bid for Petrobras' Bahia refinery: Sources

Petrobras, as Brazil's state-controlled oil producer is known, has received at least two offers for the 323,000 barrels per day Landulpho Alves refinery in Bahia, known as Rlam. The other is from Abu Dhabi's Mubadala Investment Company.

London court dismisses ArcelorMittal plea against Essar

The order came as steelmaker ArcelorMittal looked to enforce a $1.5 billion arbitral award stemming from a soured supply agreement.

Essar to further cut down debt by 70% in last leg of deleveraging exercise

From Rs 1.83 lakh crore of debt in FY17, the group brought down the debt by a staggering Rs 1.40 lakh crore over the last three years. Now it plans to cut residual debt from Rs 42,000 crore to about Rs 12,000 crore, according to a mailer Essar sent to policymakers and bureaucrats.

Essar leads corporate deleveraging; pays off Rs 1.4 lakh crore: Prashant Ruia

"In the last three years, I think we were the first to get off the block and actually take some decisive steps towards reducing leverage," Prashant Ruia said

Cargo handling at Essar's Salaya port grows over 2-fold in April-June

Essar Ports is one of India's largest private sector port and terminal developers and operators.

SC orders status quo in Essar insolvency case

A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7.

Essar begins CBM gas supply to GAIL

EOGEPL had in August signed a 15-year contract to supply the block's entire gas production to GAIL, Essar tweeted.

ArcelorMittal eyeing Essar Group’s EPC business: Report

ArcelorMittal is believed to have picked up expression-of-interest documents for the EPC Construction bid last week.

Essar Ports to invest $70 million in Hazira port by September 2020

The firm, which got delisted in 2015 and is among the handful of companies retained by the Ruias after the sale of oil business and bankruptcy of steel arm, clocked a revenue of USD 190 million in FY18, against USD 145 million in FY17.

CBI in HC against acquittal of Essar promoters, 6 others in case arising out of 2G case

Besides Ruias, the CBI has also filed appeal against the acquittal of promoters of Loop Telecom Ltd I P Khaitan and Kiran Khaitan, Essar Group Director (Strategy and Planning) Vikash Saraf and three telecom firms - Loop Telecom, Loop Mobile India and Essar Tele Holding.

Essar Group appoints Kaustubh Sonalkar as President-HR, Essar Foundation CEO

This is his second stint with Essar -- he was affiliated with Essar Energy for many years in his previous stint.

Essar in talks with Brookfield to sell office buildings in Mumbai for Rs 2,400 crore

The group had announced in 2016 that it would sell the property to realty firm RMZ Corporation, but the deal could not be concluded.

Essar Ports to invest $500m in Mozambique and local expansion

Rajiv Agarwal, Essar Ports chief executive and managing director, said the investment will be completed over the next two-and-a-half years and will take its cargo capacity to around 150 million tonnes per annum (mtpa) 110 mtpa that it will be ending FY18 with.