Essar pledges to make substantial investment in Odisha

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IANS | 01 Dec, 2022
Prashant Ruia, Director, Essar Capital, on Thursday attended the third edition of the Make in Odisha Conclave '22 and outlined Essar's investment plans in the state of Odisha.

Ruia was present along with other business leaders and dignitaries at the flagship investor summit of the government of Odisha, which was inaugurated by Odisha Chief Minister 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, Prashant Ruia, Director, Essar Capital said: "Essar has had a long association with Odisha spanning over two decades. Under the dynamic leadership of Naveen Patnaik, 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," said 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 CM Naveen Patnaik, towards developing the State ensures full support, quick clearances and speedy practical solutions to any challenges that investors may encounter," added Ruia.

The investment plans come close on heels to the recently concluded asset monetisation programme by Essar. Also, the debt repayment of $25 billion (Rs 2,00,000 crore) effectively makes the group debt-free from Indian banks and financial institutions, thereby strengthening its balance sheet for the next round of growth investments.

Essar recently concluded its asset monetisation programme and completed the debt repayment of $25 billion (Rs 2,00,000 crore) effectively making the group debt-free from Indian banks and financial institutions.

The company is now looking at re-investing in building new assets and strengthening their existing operations both in India and overseas, with more efficient, latest and carbon neutral new-age technologies.