Essar plans to invest ₹12,000 crore in setting up a 14 mtpa export-oriented pelletising complex with iron ore fines beneficiation plant at Keonjhar, a pellet plant at Paradip port and a 250 km slurry pipeline. Apart from these, the company plans to develop 7.5 mtpa crude-to-petrochemical complex, in partnership with an international player, at an investment of about ₹40,000 crore.
Related Stories
Agritech start-up DeHaat raises $60 million in Series E round
Sofina Ventures & Temasek co-led the funding, with other existing investors RTP Global Partners, Prosus Ventures, and Lightrock India also participatingPrashant Ruia, Director, Essar Capital, said the company pioneered setting up a 12 mtpa iron ore pellet plant and a 260 km slurry pipeline to Paradip, about 13 years back, which was instrumental in Odisha realising its potential and becoming the national leader in the minerals and mining sector. Essar is once again poised to make significant fresh investments in Odisha in metals, mining and energy, he said at the Make in Odisha Conclave on Thursday.
Related Stories
Cerberus offers ₹8,300 crore upfront cash for YES Bank’s stressed assets book
While Cerberus had offered the entire payment based on the book value to YESYes Bank upfront, JC Flowers will be paying only 15 per cent upfront of the ₹12,000-crore offer it madeEssar recently concluded its asset monetisation programme and completed the debt repayment of $25 billion (₹2,00,000 crore) effectively making the group debt-free. The company is now looking at reinvesting in building new assets and strengthening existing operations both in India and overseas, with more efficient, latest and carbon neutral new-age technologies.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.