Numetal, with the help of Russia-based engineering expert Tyazhpromexport, is confident of turning around debt-laden Essar Steel, which is undergoing insolvency proceedings. Mauritius-based Numetal is one of the bidder of Essar Steel, besides Luxemburg-based ArcelorMittal. Essar Steel was among the initial 12 companies which the the Reserve Bank of India (RBI) referred to NCLT. "Tyazhpromexport JSC (TPE), a shareholder in Numetal which has bid for Essar Steel is committed to ensure a quick turnaround of the Essar Steel Plant," the Mauritian firm said in a statement. TPE is a leading engineering agency in Russia in ferrous and non-ferrous metallurgy project operations and construction, with experience of over 60 years and wholly-owned by USD 19 billion Rostec a Russian State Corporation, Numetal said. Experts at TPE will help in early restart and fast execution of the projects lying incomplete at Hazira. TPE is committed to taking part in the project as technical and strategic partner to Numetal for revival of Essar Steel, the company said. As per the plan, TPE will also carry out studies for installation of new facilities in order to maximise production from the profitable routes and optimise production from the loss making lines. The Russian company will carry out detailed feasibility studies and recommend the optimum plant configuration in line with the above, Numetal added. Ismail Mazanaev, Managing Director, TPE India, said Indian steel industry prepares to meet the challenge of producing 300 MT of steel by 2030 in line with the National Steel Policy. TPE believes that with the rich technical experience, backed by strong financial capability and a team with of experts with knowledge of the sector, it can ensure Essar Steel remains one of the key players in the story of growth of steel production in India, he said. "TPE will continue to expand its collaboration with other Indian steel companies to provide technical expertise and expand operations in India," he added. TPE is fully geared up to set up a programme for the development of the plant production facilities and provide technical assistance for all available production areas (coke, chemical, sintering, blast furnace, iron smelting, finished products), with the deployment of experts at the Hazira plant, Numetal said. The company has worked with hundreds of government and private companies from more than 30 countries of Europe, Asia, Africa and Latin America, including integrated steel plants in Egypt, nickel plants in Cuba, several integrated steel plants in China, Turkey, Algeria, Nigeria, Bulgaria, among others. TPE will be fully involved in reviewing and improving operations and efficiency of the plant as well as advising Numetal on the technical aspects and performance improvement. TPE has rendered assistance in construction, modernisation, upgrading and operation of about 100 industrial enterprises, including integrated steel plants in Bokaro, Bhilai, Durgapur and Visakhapatnam in India. On February 12, ArcelorMittal and a consortium led by Russias VTB Group submitted bids to takeover Essar Steel, under insolvency process. While ArcerlorMittal was said to have taken along Nippon Steel & Sumitomo Metal Corp for the takeover, VTB used a Mauritius- based investment vehicle Numetal, where Rewant Ruia - Essar Group promoter Ravi Ruias son - held 25 per cent stake.
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