Posted on 27 Oct 2020
Essar Group is mulling a $5 billion investment into a new 8 million tonnes/year capacity steel plant in Gujarat, according to Indian press reports. The group is said to be in talks with the Gujarat government to secure land for the project, of which it will require about 1,000 hectares.
When approached by Kallanish for confirmation, an Essar spokesman said: “We have no comments to offer.”
Essar lost its 10m t/y Hazira steelworks last year after it was snapped up by an ArcelorMittal-Nippon Steel joint venture following its direction by authorities into insolvency proceedings (see Kallanish passim). Its 14m t/y of iron ore pelletising plant in eastern India was also part of the transaction.
The group’s main businesses are now in oil and shipping port operation, although it also owns a coking coal miner in the US.
Source:Kallanish
