Essar outlined its investment plans of setting up several projects in the state of Odisha. Essar in partnership with an international player, proposed to develop 7.5 MMTPA Crude to Petrochemical Complex (CTC) involving an investment of approx Rs 400 billion ($4.9 billion).
“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”, said Mr. Prashant Ruia, Director, Essar Capital.
Over the years, Essar has developed over Rs 2 trillion 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 (Rs 2 trillion) 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.