Home / News

Events

  • 0

Essar pledges to make substantial investment in the state of Odisha

Essar pledges to make substantial investment in the state of Odisha

•      Mr. Prashant Ruia attends the ‘Make In Odisha Conclave’22 and outlines Essar’s investment plans in Odisha

•      To invest in a Pelletizing Complex and Crude to Petrochemical complex

India, 01 December 2022: Mr. Prashant Ruia, Director, Essar Capital today attended the third edition of the Make in Odisha Conclave’22 and outlined Essar’s investment plans in the state of Odisha. Mr. Ruia was present along with other business leaders and dignitaries at the flagship investor summit of the Government of Odisha, which was inaugurated by the Hon'ble Chief Minister of Odisha, Shri Naveen Patnaik.

Essar has plans of setting up several projects in the state of Odisha. These include setting up a 14 MTPA export oriented Pelletizing Complex at an investment of Rs.12,000 Crore, which comprises of an iron ore fines Beneficiation Plant at Keonjhar, a Pellet Plant at Paradip port and 250 KM slurry pipeline.

Apart from these, Essar in partnership with an international player, also proposes to develop 7.5 MMTPA Crude to Petrochemical Complex (CTC) involving an investment of approx Rs 40,000 crore.

Speaking during the conclave, Mr. Prashant Ruia, Director, Essar Capital said, “Essar has had a long association with Odisha spanning over two decades. Under the dynamic leadership of Shri Naveen Patnaik, Hon. Chief Minister, Odisha is witnessing double digit growth and impressive industrial and social development. This has been made possible by the numerous reforms undertaken by the State and also by creating a conducive environment for rapid, broad-based and, inclusive economic growth”.

“Essar’s pioneering investment in setting up a 12 MTPA iron ore pellet plant and a 260 km slurry pipeline to Paradip in 2009, was instrumental in Odisha realising its potential and becoming the national leader in the minerals and mining sector. Essar is once again poised for making significant fresh investments in Odisha in the sectors of metals and mining and energy, with the state being one of the most attractive destinations”, continued Mr. Ruia.

Over the years, Essar has developed over 2 lakh crore of green field projects across India. Given its vast experience, Essar has now chosen Odisha as its preferred location for these prestigious projects.

“The progressive and dynamic approach of the Government of Odisha, led by Shri Naveen Patnaikji, towards developing the State ensures full support, quick clearances and speedy practical solutions to any challenges that investors may encounter”, added Mr. Ruia.

Essar recently concluded its asset monetisation programme and completed the debt repayment of $25 billion (₹2,00,000 crore) effectively making the group debt-free from Indian banks and financial institutions. The company is now looking at reinvesting in building new assets and strengthening their existing operations both in India and overseas, with more efficient, latest and carbon neutral new-age technologies.

Previous News

Technology News

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Gurugram, India – October 11, 2023: Samsung announced exciting offers

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

Bengaluru, October 10, 2023  IN-SPACe (Indian National Space Promotion and

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

New Delhi, October 3, India- Philips India announces an exciting co

Latest Business News

SANY India partners with J&K Bank to provide financial solutions to its customers

SANY India partners with J&K Bank to provide financial solutions to its customers

Mumbai, March 13, 2024SANY India, a leading manufacturer of construction equipment, has taken a

Radisson Hotel Group strengthens footprint in Ayodhya with signing of 150-room Radisson Blu Hotel, Ayodhya

Radisson Hotel Group strengthens footprint in Ayodhya with signing of 150-room Radisson Blu Hotel, Ayodhya

Continuing its expansion plan in India, Radisson Hotel Group is excited to announce the signing of 150-room Radisson Blu Hotel, Ayodhya. A greenfie