Essar’s second coming: Steel plants in Saudi, Odisha

BENGALURU: The group Essar group promoted by the Mumbai-based Ruia family is planning to set up steel plants in Saudi Arabia and Odisha as well as a facility to import LNG (liquefied natural gas) at Hazira in Gujarat, Essar Capital director Prashant Ruia said on the sidelines of India Energy Week conference here.

The proposed investments, he explained, will mark Essar’s second coming after deleveraging exercise by repaying Rs 2 lakh crore loans over the last three years.

The group has set up a unit to retail LNG and is also examining setting up in India a green ammonia plant, Ruia said.

The company will also invest through its UK subsidiary, Essar Oil UK, in a blue hydrogen plant at the Stanlow refinery, is setting up a blue hydrogen plant and is exploring opportunities to set up a green ammonia unit in India.