Essar Group to build Rs 40,000-crore petrochemical complex in Odisha; details here
The recent completion of Essar's asset monetisation program has resulted in the group being free of debt to Indian financial institutions and banks
Representational image. News18
In a joint venture with a major global player, the ports-to-power conglomerate, Essar Group, owned by billionaire brothers Shashi Ruia and Ravi Ruia, announced on 1 December that it plans to build a petrochemical complex in Odisha worth Rs 40,000 crore. However, the company has not yet disclosed the name of the potential partner for the project. According to an official statement released by the group, the oil to the petrochemical plant is going to have an annual capacity of 7.5 million tonnes.
Additionally, the statement further revealed that Essar Group intends to build a 250-kilometre slurry pipeline and a 14 million tonne per year export-oriented pelletizing complex in Odisha. The said project will require an estimated expenditure of Rs 12,000 crore.
The recent completion of Essar’s asset monetisation program has resulted in the group being free of debt to Indian financial institutions and banks. As per Essar Capital Ltd. director and investment manager Prashant Ruia, after paying back $25 billion in debt, the company announced itself to be debt-free.
The $2.05 billion sale of captive ports and power assets to ArcelorMittal Nippon Steel India was finalised by Essar Ports and Terminals and Essar Power. The transaction included a 270-megawatt power plant, a 25 million-tonne port in Gujarat’s Hazira, and a 12 million-tonne port at Odisha’s Paradip.
Director of Essar Ports Rewant Ruia claimed that the organisation had sold off assets that had been developed over the previous 30 years and they are now investing in ongoing projects and creating new assets, both in India and abroad.
For the past five years, Essar Group has been selling assets, such as its refinery business, fuel retailing, power plants, ports, and blacklisting companies from stock markets, as part of its debt repayment to banks and other financial establishments. Asset monetisation had been initiated by the bankruptcy law in India.
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