History
In 1969, Shashi Ruia won a major contract worth Rs. 2.3 crore for the construction of an outer breakwater for Chennai Port, thus laying the foundation of Essar Group. [4]
In 1991, Essar became India's first Independent Power Producer (IPP) and started a 515 MW cycle power plant at Hazira. [5] It later built and operated national power plants in Madhya Pradesh, Gujarat, Odisha, and internationally in Ontario, Canada. [6]
In 1992, Essar acquired the South India Shipping Corporation and strengthen its shipping venture. [7]
In 1995, Essar Group entered the telecom sector with a Swiss PTT joint venture partnership branded as the Essar Cellphone. [8] In the same year, Essar Group started GSM operations from Delhi. [9] Essar, independently and in partnership with Hutchison (Hutchison Essar), subsequently acquired more telecom circles in India. By 2006, all the circles were under Hutchison Essar Limited. [10] Vodafone bought the Hutchison stake, and Hutchison exited India in 2006. Essar Group continued to have a 33% stake in the Vodafone Essar partnership. In 2011, Essar sold its stake and exited the telecom business. [11]
In 2006, Essar Oil imported its first consignment of 2.2 billion crude oil at Vadinar in Gujarat. [12]
In 2007, Essar owned The MobileStore, an Indian chain of telecom and mobile phone retail stores. [13] [14]
In 2017, Essar Steel India Ltd. (ESIL) was on the defaulter's list disclosed by the Reserve Bank of India. [15] Essar Oil was acquired by a consortium led by Rosneft, Trafigura, and UCP Investment Group for $12.9 billion, and Essar Oil was rebranded as Nayara Energy. [16]
In 2018, Essar signed an offtake agreement with GAIL for Raniganj East CBM block production. [17] Essar Oil & Gas Exploration & Production Ltd. (EOGEPL) owns India's highest producing coal bed methane block in Raniganj, West Bengal. [18]
In 2019, EOGEPL received environment clearance for exploring shale gas reserves in Raniganj block, West Bengal. [19]
In November 2019, ArcelorMittal won approval from the Supreme Court to takeover Essar Steel and pay the creditors with equal rights. [20] ArcelorMittal’s bid of Rs 42,000 crore was considered over Essar’s bid of Rs 54,000 crore. [21]
In March 2020, Essar Group was successful in cutting down the residual debt by 70% to about Rs. 12,000 crore. [22]
Essar has established Vertex Hydrogen under the UK's HyNet project with Progressive Energy in December 2021 to help drive energy transition in the UK. [23]
In September 2022, Essar Oil UK completed an offtake agreement with Vertex Hydrogen to facilitate hydrogen supply of 280 MW to decarbonize its plants. [24]
In November 2022, the Essar Group has become a debt-free company (cleared $25 billion in liabilities) by selling its power plant and captive ports to ArcelorMittal Nippon Steel at a deal value of $2.05 billion. [25]
In 2023, EOGEPL announced that they would invest Rs. 2,000 crore in the next two years in Raniganj to increase their CBM production capacity. [26]
Effectively debt-free, Essar is investing in decarbonization, decentralization, and digitalization, wherein it is getting into sustainable businesses like blue & green hydrogen, LNG, biofuels, green ammonia, and green steel. [27]
Under Essar Energy Transition (EET), the company plans to invest $2.4 billion in Stanlow (UK), between Liverpool and Manchester, and $1.2 billion in India to develop a range of low-carbon energy transition projects. [28]
Essar is also foraying into steel manufacturing with plans to set up a 4Mtpa green flat steel complex in Saudi Arabia and an iron ore pellet plant in Odisha.
Essar invests in infrastructure and logistics to decentralize heavy trucking through LNG trucks. Its company, GreenLine, owns a fleet of LNG trucks that have collaborated with Tata Steel, JK Lakshmi Cement, Nestlé, and others. [29]
Acquisitions
In 2003, Essar Group acquired Aegis Communication and spread across 13 countries. [30] In 2014, Essar did a part sale of Aegis USA Inc. with annual revenues of $400 million to Teleperformance, [31] and in 2017, Essar left the outsourcing business by selling Aegis’ operations to Capital Square Partners (CSP). [32]
Essar Steel acquired HGPL and SCGL from Stemcor in 2005 and became an integrated steel producer. [33]
In 2007, Essar Global acquired a US-based steel company named Minnesota Steel LLC. [34]
In 2010, Essar Global acquired Aries coal mines in Indonesia. [35]
In 2011, Essar Energy purchased Stanlow Refinery in North West England for $1.3 billion. [36] Under Essar's leadership, the first phase of the turnaround of Stanlow refinery has been started during the financial year 2015–16 with $187 million net profit. [37] Essar plans a £250 million expansion of Stanlow refinery, with over 16% production of transport fuels in the UK. [38]
AGC Networks, a wholly-owned subsidiary of Essar Group, acquired Black Box Corporation in 2019. [39]
₹120,000 crore (US$15 billion) (2022) [1] 
