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{{Short description|Indian conglomerate company}}
{{Short description|Indian Multinational Conglomerate}}
{{EngvarB|date=January 2016}}  
{{Use dmy dates|date=January 2016}}
{{Use dmy dates|date=January 2016}}
{{Infobox company
{{Infobox company
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| area_served      = Worldwide
| area_served      = Worldwide
| key_people      = {{plainlist|  
| key_people      = {{plainlist|  
* [[Shashi Ruia]] ([[Chairman]])
* [[Ravi Ruia]] ([[Vice-Chairman]])
* [[Ravi Ruia]] ([[Vice-Chairman]])
* Prashant Ruia ([[Group CEO]])}}
* Prashant Ruia ([[Group CEO]])}}
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* [[Shipping]]
* [[Shipping]]
* [[IT Services]]}}
* [[IT Services]]}}
| revenue          = {{profit}} {{USD|14 billion|link=yes}} (2020)<ref name="es">{{cite web |url=https://www.essar.com/about/|publisher=Essar Group |date=23 June 2020 |title=Archived copy |access-date=11 July 2020 |archive-url=https://web.archive.org/web/20130810135051/http://www.essar.com/section_level1.aspx?cont_id=SD7sjPUVBkw= |archive-date=10 August 2013 |url-status=dead }}</ref>
| revenue          = {{profit}} {{INRConvert|120000|c}} (2022)<ref name="es">{{cite web |url=https://www.financialexpress.com/industry/essar-2-0-ruias-script-zero-debt-asset-light-business-model/3111113/ |date=2 June 2023 |title=How Essar Group is reorganizing itself }}</ref>
| assets = {{up}}
{{INRConvert|64000|c}} (2022) <ref name="es"/>
| num_employees    = 7,000+<ref name="es"/>
| num_employees    = 7,000+<ref name="es"/>
| subsid          = {{plainlist|
| subsid          = {{plainlist|
* [[Essar Energy]]
* Essar Energy
* [[Essar Hypermart]]
* Essar Shipping (est. 1945)
* [[Essar Shipping]]
* Essar Oil UK
* Essar Oil UK
* Essar Oil & Gas Exploration & Production
* Essar Oil & Gas Exploration & Production
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* Essar Power
* Essar Power
* Essar Projects
* Essar Projects
* AGC Networks}}
* [[Black Box Corporation]]}}
| homepage        = {{URL|https://www.essar.com}}
| homepage        = {{URL|https://www.essar.com}}
}}
}}


'''Essar Group''' is an Indian [[Multinational company|multinational]] [[Conglomerate (company)|conglomerate]] and [[construction]] company, founded by [[Shashi Ruia]] and [[Ravi Ruia]], in 1969.
'''Essar Group'''<ref>{{Cite web |title=Essar - Businesses Across Energy, Construction, Mining & IT Industry |url=https://www.essar.com/ |access-date=2023-03-24 |website=Essar |language=en-US}}</ref> is an Indian [[Multinational company|multinational]] [[Conglomerate (company)|conglomerate]] company, founded by [[Shashi and Ravi Ruia|Shashi Ruia and Ravi Ruia]] in 1969. The company, known as Essar Global Fund Limited (EGFL), owns assets in 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).<ref>{{Cite web|title=Essar Group - Company Profile and News|url=https://www.bloomberg.com/profile/company/1562329D:IN|access-date=2020-09-26|website=www.bloomberg.com}}</ref>
Essar Global Fund Limited (EGFL) controls a number of assets across the core sectors of energy (oil refining, oil and gas exploration and production, power), infrastructure (ports, projects), metals and mining, and services (shipping, oilfield services, IT). EGFL holds near 100% stake in all its investments.<ref>{{Cite web|title=Essar Group - Company Profile and News|url=https://www.bloomberg.com/profile/company/1562329D:IN|access-date=2020-09-26|website=www.bloomberg.com}}</ref>
 
Significant Essar Group companies include Essar Oil UK, Essar Ports, Essar Oil & Gas Exploration & Production, [[Essar Shipping]], Essar Power, and Essar Projects.


==History==
==History==
{{unreferenced section|date=December 2020}}
In 1969, Shashi Ruia won a contract worth Rs. 2.3 crore for the construction of an outer breakwater for Chennai Port, thus laying the foundation of Essar Group.<ref>{{cite web|url=https://www.businesstoday.in/latest/story/quest-to-save-essar-76328-2017-06-15 |title=Quest to Save Essar: As debt hits Rs 1.38 lakh crore, Ruias look to recast group |website=www.businesstoday.in|date=15 June 2017 |access-date=2022-08-03}}</ref>
In 1969, Shashi Ruia won a major contract worth Rs. 2.3 crore for construction of outer breakwater for Chennai port, thus laying the foundation of Essar Group. In 1976, Essar purchased India's first private tanker for US$ 2 million. In 1986, Offshore & Energy divisions were setup to undertake specialized offshore and drilling activities. In 1988, Essar Steel's first HBI (Hot Briquetted Iron) module at Hazira commenced production. In 1991, Essar conceptualized 515 MW combined cycle power plant at Hazira, as India's first Independent Power Producer (IPP). In 1995, phase-1 of 2 million tonne steel plant was commissioned. In 1997, Essar Telecom obtained licenses to operate phone services in Delhi, UP (East), Haryana, Rajasthan & Punjab. In 2005, Essar became an integrated steel player by completing the acquisition of Hy-Grade Pellets Limited & Steel Corporation of Gujarat Limited from Stemcor, UK. In 2006, Essar Steel expands to 4.6 million tonnes; becomes largest flat steel producer in India. In 2007, Essar Global acquired Minnesota Steel LLC, a US-based steel company with estimated reserves of over 1.4 billion tonnes of iron ore. In 2007, Vodafone & Essar agree on a partnership to establish Vodafone-Essar. In 2007, Essar acquired Global Vantedge, a Bermuda-based BPO company. In 2007, Essar set up The MobileStore, India's first countrywide chain of multi-brand & multi-service retail outlets dealing in mobile telephony. In 2008, commercial production started at Vadinar refinery, with an initial capacity of 10.5 million tonnes. In 2009, Aegis debuted in Jammu & Kashmir by setting up 2 BPO centres. In 2010, Essar acquired Aries coal mines in Indonesia, and AGC Networks. In 2010, Essar Oil was awarded 4 coalbed methane blocks. In 2011, Essar sold its stake in Vodafone-Essar to Vodafone. In 2011, Essar Energy purchased Royal Dutch Shell's Stanlow Refinery for US$ 350 million. In 2011, Essar Steel completed the expansion of its capacity to 10 million tonnes. In 2012, Vadinar Refinery completed the expansion of its capacity to 20 million tonnes. In 2014, Essar completed the sale of Aegis USA Inc. to Teleperformance. In 2017, Essar Energy and Oil Bidco successfully concluded the sale of Essar Oil India to Rosneft-Trafigura-UCP consortium for US$ 12.9 billion. In 2018, Essar entered into an agreement with GAIL for off-take of entire production from its Raniganj East CBM block. In 2018, Essar built India's largest iron ore handling complex of 24 MTPA at Vizag port. In 2018, AGC Networks acquired Blackbox Corporation. In 2019, Essar Group's deleveraging efforts reduce the debt by over Rs. 1.3 lakh crores.


==Energy==
In 1991, Essar started a 515 MW cycle power plant at Hazira.<ref>{{Cite web |title=The Indian Electricity Market: Country Study and Investment Context |url=https://fsi-live.s3.us-west-1.amazonaws.com/s3fs-public/India_Country_Study__UPDATE.pdf}}</ref> It later built and operated national power plants in Madhya Pradesh, Gujarat, Odisha, and internationally in Ontario, Canada.<ref>{{cite web |title=Essar Power commissions first flue gas scrubber to cut sulphur emissions by 25% |date=7 September 2021 |url=https://www.livemint.com/companies/news/essar-power-commissions-first-flue-gas-scrubber-to-cut-sulphur-emissions-by-25-11631007045702.html |access-date=11 May 2023}}</ref>
{{unreferenced section|date=December 2020}}
'''Essar Oil & Gas Exploration & Production Ltd.''' (EOGEPL) owns a portfolio of CBM blocks with about 1.7 billion barrels of oil equivalent in reserves and resources. It operates India's highest producing CBM (Coal Bed Methane) block in Raniganj, West Bengal, and owns four other CBM blocks. EOGEPL's Raniganj East CBM block in West Bengal, which is the highest producing coal bed methane block in the country, also has tremendous shale potential as has been confirmed by an independent study. The block has shale gas resources of 7.7 TCF (trillion cubic feet) and recoverable reserves of 1.6 TCF. EOGEPL has invested around Rs 4,000 crore in the Raniganj block, which will produce 1.7 million standard cubic metre per of gas from coal seams (CBM) in the next two years. The volume will go up to 2.5 million cubic metre per day at [[Standard conditions for temperature and pressure|standard conditions]] in three-four years.


On 4 March 2019, Essar Group announced that EOGEPL has received environment clearance for exploring shale gas reserves in its Raniganj block in West Bengal, following the government's decision to allow operators freedom to explore both conventional oil and natural gas as well as non-conventional sources like coal-bed methane (CBM) and shale reserves within an exploration acreage. With the policy for simultaneous exploration of unconventional resources in place, EOGEPL is looking into the shale prospect in the same blocks which is in the range of 7.7 trillion cubic metre. EOGEPL could spend up to $ 1 billion in development of shale reserves if the exploration programme was successful. EOGEPL has already signed an agreement to sell entire production from Raniganj East CBM block to state gas utility GAIL India. Besides Raniganj CBM block, the company also has the Mehsana CBM block in Gujarat where it plans to drill six wells.
In 1992, Essar acquired the South India Shipping Corporation.<ref>{{cite web |title=South India Shipping Corporation Ltd |url=https://www.moneycontrol.com/company-facts/southindiashippingcorporation/history/SIS |access-date=29 May 2023}}</ref>


'''Essar Oil UK''' owns and operates the 9 million tonne Stanlow Refinery located on the south side of the Mersey Estuary in Ellesmere Port, UK. Stanlow produces approximately 16% of UK road transport fuels, including 3 billion litres of petrol, 4.4 billion litres of diesel and 2 billion litres of jet fuel per year. The company has also started petroleum retailing and has over 45 outlets in the UK, with a target to open 400 outlets in the next five years. Essar's Stanlow Refinery enjoys a number of advantages such as its close location to Liverpool and Manchester, impressive scale and Europe's largest residue cat cracker.
In 1995, Essar Group entered the telecom sector with a Swiss PTT joint venture partnership branded as the Essar Cellphone.<ref>{{cite web|title=Quest to Save Essar: As debt hits Rs 1.38 lakh crore, Ruias look to recast group - BusinessToday |date=15 June 2017 |url=https://www.businesstoday.in/latest/story/quest-to-save-essar-76328-2017-06-15 |access-date=5 August 2022 |language=en}}</ref> In the same year, Essar Group started GSM operations from Delhi.<ref>{{cite web|title= Why the Essar Group made it in telecom but the Tatas couldn't - Mint |date=September 2014 |url=https://www.livemint.com/Industry/HeCcG81rxymdHA9Ge8nNFN/Why-the-Essar-Group-made-it-in-telecom-but-the-Tatas-couldn.html |access-date=5 August 2022 |language=en}}</ref> 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.<ref>{{Cite news |title=Hutch to ditch pink for Vodafone's red - The Economic Times |newspaper=The Economic Times |date=6 July 2007 |url=https://economictimes.indiatimes.com/industry/telecom/hutch-to-ditch-pink-for-vodafones-red/articleshow/2179761.cms |last1=Pratap |first1=Rashmi }}</ref> 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.<ref>{{cite news |title=Hutch to ditch pink for Vodafone's red |newspaper=The Economic Times |date=6 July 2007 |url=https://economictimes.indiatimes.com/industry/telecom/hutch-to-ditch-pink-for-vodafones-red/articleshow/2179761.cms |access-date=22 May 2023 |last1=Pratap |first1=Rashmi }}</ref>


In FY18, Essar Oil UK delivered robust financial performance with revenues at US$5.4 billion, EBITDA of US$300 million for a third consecutive year and Profit after Tax (PAT) of US$161 million, despite the refinery operating for only nine months in the financial year due to the shutdown period involving upgrade work. With the completion of largest ever upgrade with a capex spend of US$258M, Essar Oil UK expects further reliability and profitability.
In 2006, Essar Oil imported its first consignment of 2.2 billion crude oil at Vadinar in Gujarat.<ref>{{cite web |title=Essar Oil begins trial runs at Vadinar Refinery |url=https://www.projectstoday.com/News/Essar-Oil-begins-trial-runs-at-Vadinar-Refinery |access-date=28 May 2023}}</ref>
On 6 February 2019, Essar Group unveiled the latest phase of its strategic business development after announcing the acquisition of a number of assets from BP to further strengthen the company's logistics infrastructure network which will fuel growth ambitions in the UK. The latest expansion of its UK interests means Essar has now invested nearly US$1 billion in building a profitable and sustainable UK business, since first acquiring the Stanlow Manufacturing Complex in July 2011. Under the agreement, Essar will acquire an equity stake in the UKOP pipeline, a share of the contractual joint venture (with Shell) which runs the Kingsbury Terminal and a 100% interest in the Northampton Terminal.


In 2017, Russia's energy giant [[Rosneft]], [[Trafigura]], and UCP Investment Group acquired '''Essar Oil''' for US$12.9 billion, making a grand entry into the world's most sought after energy market with plans of grabbing a larger share of the fuel retail market in India and significantly better financial performance. The new owners have acquired India's largest network of private petrol pumps (4473 petrol pumps), the country's second-largest refinery (20 million tonnes a year capacity), a 1,000-MW power plant along with the Vadinar port and oil terminal. Essar Oil was later rebranded as [[Nayara Energy]], to compete and succeed in the new era and meet customer needs in the fastest growing energy market in the world.
In 2007, Essar owned The MobileStore, an Indian chain of telecom and mobile phone retail stores.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/telecom/essar-plans-to-set-up-2500-mobilestore-outlets-in-3-years/articleshow/2605421.cms |title=Essar plans to set up 2,500 MobileStore outlets in 3 years - Economic Times |publisher=economictimes.indiatimes.com |date=2007-12-07 |access-date=2022-07-20}}</ref><ref>{{Cite web|title=The MobileStore has won the Retailer of the Year award |url=https://www.oneindia.com/2007/09/11/mobilestore-bags-retailer-of-the-year-award-1189505549.html |access-date=20 July 2022 |website=www.oneindia.com}}</ref>


'''Essar Power Ltd.''' is one of India's largest private sector power producers with an operating track record of over 20 years. It owns plants in India and Canada with a planned generation capacity of 5,090 MW, of which 3,830 MW is operational. The operating plants are at Mahan in Madhya Pradesh, Hazira & Salaya in Gujarat, Paradeep in Odisha, and Algoma in Ontario, Canada. Another 1,260 MW of capacity is under construction at Tori, Jharkhand, and Paradeep. Essar Power has also invested in the transmission business, building a 465&nbsp;km transmission system that spans three Indian states.
In 2017, Essar Steel India Ltd. (ESIL) was on the defaulter's list disclosed by the [[Reserve Bank of India]].<ref>{{cite web|title=RBI tells banks to file cases against 12 big loan defaulters in a month  |date=16 June 2017 |url=https://www.livemint.com/Politics/bTsvgLK63zmErEicmIbf3I/Bhushan-Essar-Steel-among-12-firms-being-moved-to-insolvenc.html  |access-date=5 August 2022 |language=en}}</ref> Essar Oil was acquired by a consortium led by [[Rosneft]], [[Trafigura]], and [[United Capital Partners|UCP Investment Group]] for $12.9 billion, and Essar Oil was rebranded as [[Nayara Energy]].<ref>{{cite news |title=Essar Oil completes $13 billion sale to Rosneft-led consortium in largest FDI deal |newspaper=The Economic Times |date=22 August 2017 |url=https://economictimes.indiatimes.com/markets/stocks/news/essar-oil-completes-sale-of-india-assets-to-rosneft-for-12-9-bn/articleshow/60154679.cms |access-date=29 November 2022}}</ref>


==Metals & Mining==
In 2018, Essar signed an offtake agreement with GAIL for Raniganj East CBM block production.<ref>{{cite web |title=Essar signs GSPA with GAIL for offtake of production from Raniganj East CBM block |date=10 August 2018 |url=https://www.netindian.in/news/business-economy/essar-signs-gspa-gail-offtake-production-raniganj-east-cbm-block |access-date=30 May 2023}}</ref> Essar Oil & Gas Exploration & Production Ltd. (EOGEPL) owns coal bed methane producing block in Raniganj, West Bengal.<ref>{{cite web |title=Essar Oil despatches first ever C-CBM for city gas distribution |date=30 January 2021 |url=https://www.financialexpress.com/industry/essar-oil-despatches-first-ever-c-cbm-for-city-gas-distribution/2182306/ |access-date=30 May 2023}}</ref>
{{unreferenced section|date=December 2020}}
[[Essar Steel]] is a fully integrated flat carbon steel manufacturer–from iron ore to ready-to-market products–with a current capacity of 10 million tonnes per annum (MTPA). Essar Steel's manufacturing facility comprises ore beneficiation, pellet making, iron making, steel making, and downstream facilities including cold rolling mill, galvanising, pre-coated facility, steel processing facility, extra wide plate mill and a pipe mill. In June 2017, [[Reserve Bank of India]] named Essar Steel India Ltd. (ESIL) in a list of 12 defaulters and asked respective lending banks to initiate insolvency proceedings against them under Insolvency and Bankruptcy Code (IBC), 2016. In October 2018, ESIL's majority shareholder, Essar Steel Asia Holdings (ESAHL) offered a settlement proposal to repay entire debt of Rs 54,389 crore. Meanwhile, Committee of Creditors approved [[ArcelorMittal]]'s bid of Rs 42,000 crore, with 92 per cent majority vote. In January 2019, NCLT held ESAHL's Rs 54,389-cr settlement offer 'non-maintainable'. On 8 March 2019, NCLT approved ArcelorMittal's Rs 42000 crore bid for Essar Steel. On 15 November 2019, Supreme Court scrapped a bankruptcy appellate tribunal's order that gave secured and unsecured lenders equal right over the proceeds, paving way for ArcelorMittal's takeover of the company.


Essar Global had acquired Minnesota Steel in 2007, giving it access to rich iron ore reserves. But a commodity slowdown and delay in projects led Essar Steel Minnesota to file for bankruptcy in 2016. The firm was later taken out of bankruptcy by Mesabi Metallics in 2017. Essar Global has purchased $260 million face value notes issued by Mesabi Metallics Inc., which paved the way for Essar Global to once again participate in the low-cost iron ore mining and pellet manufacturing project that is under construction in Minnesota, USA.
In 2019, EOGEPL received environment clearance for exploring shale gas reserves in Raniganj block, West Bengal.<ref>{{cite web |title=Essar Oil & Gas gets environment clearance to begin shale gas exploration |date=3 March 2019 |url=https://www.business-standard.com/article/pti-stories/essar-oil-gas-gets-environment-clearance-to-begin-shale-gas-exploration-119030300171_1.html |access-date=12 May 2023}}</ref>
 
In November 2019, [[ArcelorMittal]] won approval from the [[Supreme Court of India|Supreme Court]] to take over Essar Steel and pay the creditors with equal rights.<ref>{{cite web|title=Supreme Court paves way for ArcelorMittal's takeover of Essar Steel in ₹42,000 crore deal  |date=15 November 2019 |url=https://www.livemint.com/companies/news/supreme-court-paves-way-for-arcelormittal-s-takeover-of-essar-steel-11573809139224.html |access-date=5 August 2022 |language=en}}</ref> ArcelorMittal’s bid of Rs 42,000 crore was considered over Essar’s bid of Rs 54,000 crore.<ref>{{cite news |title=Ruias make stunning Rs 54,000 crore bid to retain Essar Steel |newspaper=The Times of India |date=26 October 2018 |url=https://timesofindia.indiatimes.com/business/india-business/ruias-make-stunning-rs-54000-crore-bid-to-retain-essar-steel/articleshow/66371430.cms |access-date=18 May 2023}}</ref>
 
In March 2020, Moneycontrol reported that Essar Group had cut down debt by 70% to about {{INR}}12,000 crore.<ref>{{cite web |title=Essar to further cut down debt by 70% in last leg of deleveraging exercise | date=11 March 2020 | url=https://www.moneycontrol.com/news/business/essar-to-further-cut-down-debt-by-70-in-last-leg-of-deleveraging-exercise-5021721.html |access-date=22 November 2022}}</ref>
 
Essar has established Vertex Hydrogen in the UK.<ref>{{Cite web|url=https://energy.economictimes.indiatimes.com/news/renewable/essar-sets-up-vertex-hydrogen-to-help-drive-energy-transition-in-uk/91339243 |title=Essar sets up Vertex Hydrogen to help drive energy transition in UK |website=energy.economictimes.indiatimes.com}}</ref>
 
In September 2022, Essar Oil UK completed an offtake agreement with Vertex Hydrogen to facilitate hydrogen supply of 280 MW to decarbonize its plants.<ref>{{cite web |title=Essar Oil UK inks offtake agreement with Vertex Hydrogen |url=https://energy.economictimes.indiatimes.com/news/renewable/essar-oil-uk-inks-offtake-agreement-with-vertex-hydrogen/94520266 |access-date=11 May 2023}}</ref>
 
In November 2022, the Essar Group reportedly became debt-free after clearing $25 billion in liabilities, following the sale of its power plant and captive ports to ArcelorMittal [[Nippon Steel]] at a deal value of $2.05 billion.<ref>{{cite news |title=India's Essar Group is debt-free after repaying $25 bln |newspaper=Reuters |date=21 November 2022 |url=https://www.reuters.com/markets/asia/indias-essar-group-is-debt-free-after-repaying-25-bln-2022-11-21/ |access-date=21 May 2023}}</ref>
 
==Business verticals==
The Essar Group comprises a range of companies in core economy sectors.
 
=== Energy ===
* Essar Energy Transition
* Essar Oil UK
* Essar Oil & Gas Exploration & Production Ltd
* Essar Power Ltd
* Essar Future Energy


In 2010, Essar Group acquired Trinity Coal from energy and commodities focused PE firm Denham Capital for $600 million through its arm Essar Minerals. In 2014, Essar Group infused more than $150 million through its affiliates to reorganize its bankrupt unit Trinity Coal Corp. Trinity Coal successfully resolved more than $325 million of claims and is continuing operations after emerging from bankruptcy.
=== Infrastructure & logistics ===
* Essar Ports
* Stanlow Terminals
* Essar Projects
* Ultra Gas & Energy


==Services==
=== Metals & mining ===
{{unreferenced section|date=December 2020}}
* Essar Minmet
[[Essar Shipping]], through its subsidiaries Essar Oilfields Services Ltd (EOSL) and Essar Oilfield Services (India) Ltd. (EOSIL), provides  onshore and offshore drilling and related services to international clients.
* Mesabi Metallics
Essar Shipping has a fleet of 12 vessels with a total capacity of 1.12 million DWT, which includes: 1 double hull very large crude carrier (VLCC), 6 mini-capesize vessels, 1 panamax bulk carrier, 2 supramax bulk carriers, 2 general cargo ships of 13,000 DWT each. Essar Oilfields Services: 15 land rigs and 1 semi-submersible offshore rig.{{cn|date=June 2020}}
* Manoor Bulatn Lestari
* KSA Saudi


'''AGC Networks''', an Essar Group company was acquired by the conglomerate in 2010, providing Unified Communications, Cyber Security (Cyber-i), Network Infrastructure & Data Center, and Enterprise Applications & Services. AGC has a presence in 9 countries, with a network of offices in India.
=== Technology & retail ===
* Black Box (Previously known as AGC Networks Ltd)
* Essar Shipping
* Pluckk


On 9 January 2019, Essar Group announced that a wholly owned subsidiary of AGC Networks has completed the acquisition of [[Black Box Corporation]] in the US.
==Acquisitions==
In 2003, Essar Group acquired Aegis Communication and spread across 13 countries.<ref>{{Cite web |last=S |first=Rajalakshmi |date=27 November 2017 |title=Essar Group sells Aegis to Capital Square Partners for $300 million |url=https://www.thehindubusinessline.com/companies/essar-group-sells-aegis-to-capital-square-partners-for-300-million/article9973523.ece |access-date=1 August 2022 |website=www.thehindubusinessline.com |language=en}}</ref> In 2014, Essar did a part sale of Aegis USA Inc. with annual revenues of $400 million to Teleperformance,<ref>{{cite web | url=https://economictimes.indiatimes.com/news/international/business/aegis-completes-sale-of-us-arm-to-teleperformance/articleshow/39896124.cms | title=Aegis completes sale of US arm to Teleperformance | publisher=[[The Economic Times]] | date=2014-08-08 | access-date=2022-08-01}}</ref> and in 2017, Essar left the outsourcing business by selling Aegis’ operations to Capital Square Partners (CSP).<ref>{{Cite news|url=https://www.livemint.com/Companies/pLJRSMfYrVFBAABciChSeI/Ruiasled-Essar-sells-Aegis-BPO-for-275300-million.html |title=Essar sells Aegis BPO to Capital Square Partners |last=Dhanjal|first=Swaraj Singh|date=2017-04-03|work=Livemint|access-date=2022-08-01}}</ref>


In 2003, Essar Group acquired '''Aegis Communication'''. Under Essar Group's ownership, Aegis transformed from being a US-based loss making unit with revenues of just US$52 million (in 2003) to become a significant player in the [[Business process outsourcing]] industry, growing over 10-fold, with revenues of around US$1 billion. Following the 2014 sale of Aegis’ BPO business in the US, the Philippines and Costa Rica to Teleperformance for $610 million, Essar went about rebuilding the rest of the company in growing markets. Aegis scouted for a chain of fresh acquisitions in Korea and Japan for empowering the Malaysia unit, and enhancing its strength in Latin American and European countries. Aegis forayed into Malaysia by fully acquiring Symphony BPO services in Kuala Lumpur, a business that went on to grow more than threefold, while retaining the business in nine countries— India, Sri Lanka, Malaysia, Australia, Saudi Arabia, UK, South Africa, Peru and Argentina. In November 2017, Essar sold Aegis’ operations in these nine countries to Capital Square Partners (CSP) for US$300 million marking Essar Group's complete exit from the BPO business.
Essar Steel acquired HGPL and SCGL from Stemcor in 2005 and became an integrated steel producer.<ref>{{cite web |title=Essar Steel acquires two Stemcor companies |url=https://www.projectstoday.com/News/Essar-Steel-acquires-two-Stemcor-companies |access-date=24 November 2022}}</ref>


In 1995, just months after mobile telephony in India was opened up to private participation, Essar Group became the first company to start GSM operations in Delhi under the brand name, Essar Cellphones and roped in Swiss PTT as a joint venture partner. Essar acquired licenses for the telecom circles of Eastern UP, Rajasthan, Haryana and Punjab. In 1999, the government announced a new telecom policy that was more conducive to growth. While Essar was keen on capitalising on the opportunities that the new policy afforded, Swiss PTT was contemplating an exit from its India operations as part of a wider pan-Asia strategy. Essar found a new partner in Hutchison to create a joint venture company that went about consolidating operations and acquiring more telecom circles. In 2005, when the government came out with the unified licensing scheme, the JV started merging all the telecom circles. By 2006, all the circles were under one umbrella—'''Hutchison Essar''' Limited. Essar owned 33% stake in the consolidated entity. Independently, Essar had acquired licenses in seven circles, where Hutchison Essar did not have operations, as well as in four circles of BPL. Essar merged these circles into Hutchison Essar to create a sizeable telecom major. In 2006, Hutchison, too, decided to exit India. Essar wanted to buy out Hutchison's stake and tied up a line of credit of over US$11 billion. After a fierce round of bidding that involved several large corporations, [[Vodafone]] bought the Hutchison stake, which was valued at US$11.5 billion. For the next five years, Essar Group continued to have a 33% stake in the JV.  What started out with an initial investment of US$800 million had reached a valuation of US$18.8 billion in just six years. Hutchison Essar's subscriber base, too, had grown from 1,50,000 to 28 million. In 2011, Essar decided to monetise its put option and exit the JV to fund a huge $20-billion capital expenditure programme across its core sector businesses, like Steel, Oil & Gas, Power and Ports. By this time, '''Vodafone-Essar'''’s subscriber base had grown to over 135 million. Essar received US$5.46 billion from the proceeds of the monetisation.
In 2007, Essar Global acquired a US-based steel company named Minnesota Steel LLC.<ref>{{cite news |title=Essar to acquire US steel firm |url=https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/essar-to-acquire-us-steel-firm/articleshow/1922354.cms |access-date=21 November 2022 |newspaper=The Economic Times|date=18 April 2007 }}</ref>


==Infrastructure==
In 2010, Essar Global acquired Aries coal mines in Indonesia.<ref>{{cite web |title=Essar buys Aries coal mines in Indonesia |date=25 March 2010 |url=https://www.business-standard.com/article/press-releases/essar-buys-aries-coal-mines-in-indonesia-110032500112_1.html |access-date=18 May 2023}}</ref>
{{unreferenced section|date=December 2020}}
'''Essar Ports''' develops and operates ports and terminals for handling dry bulk, break bulk and general cargo. It has an existing aggregate capacity of 95 MTPA across facilities located at Hazira, and Salaya in the state of Gujarat on the west coast of India, one dry bulk export terminal at Paradip in the state of Odisha and two iron ore berths on the outer harbour of Vizag Port in the state of Andhra Pradesh on the east coast of India.
* Essar Bulk Terminal, Salaya : A 20 million tonne dry bulk terminal at Salaya, Gujarat &nbsp;is the first deep-draft terminal in the Saurashtra region, which has been designed to berth Capesize vessels with a vessel turnaround time of less than two days, thus offering a competitive advantage to the local industry. The Salaya terminal, which has been built at a cost of Rs 2,000 crore, is expected to emerge as the most preferred deep draft port destination for shipment of dry bulk cargo in the Saurashtra region. It is capable of berthing vessels of up to 100,000 tonnes DWT, while handling commodities like coal, bauxite, limestone and fertilisers, including both export & import cargoes. It is equipped with two screw type ship unloaders, each of 2,500 TPH (tonnes per hour) capacity; one 1,500 TPH ship loader; a 20-km covered conveyor system of 5,000 TPH capacity; dust suppression and extraction systems, and a series of stacker cum reclaimers. The stockyard is integrated with nearby power plants that have a cumulative capacity of 1,710 MW capacity, with the conveyor system ensuring environment-friendly movement of coal. The conveyor is a complex 20-km network spread across both land and sea and enables cargo loading and unloading on the same jetty.
* Essar Bulk Terminal, Hazira : An all-weather deep-draft terminal located in the Gulf of Khambatt, on the outskirts of Surat in Gujarat. The terminal has a capacity of 30{{nbsp}}million [[tonne]]s per year for handling dry bulk cargo and break bulk cargo which is being expanded to 50{{nbsp}}million tonnes per year. The terminal can accommodate partially loaded capesize vessels and fully loaded minicape vessels (105,000 DWT). It offers mechanised handling of bulk cargo such as iron ore, limestone and coal using gantry cranes and a conveyor system. It also handles steel products including coil, slab, plates and pipes and over dimensional cargo like project cargo.
* Essar Bulk Terminal, Paradip : An all-weather deep-draft terminal at Paradip Port Trust in Odisha. This is an existing terminal which has been mechanized to 16{{nbsp}}million tonnes per year capacity for faster export of dry bulk cargo. The terminal can handle vessels up to 105,000 DWT and can export dry bulk cargo including iron ore pellets, coal, dry bulk and other ores through a mechanized handling system using conveyors and a ship loader.
* Essar Vizag Terminals Ltd. : An all-weather, deep-water terminal located in Bay of Bengal, Visakhapatnam. The outer-harbour terminal has a berth length of 360m and operational draft of 20m with tide. Taking over from the Vishakhapatnam Port Trust on a Build-Own-Operate basis for 30 years, the terminal has an existing capacity of 24{{nbsp}}million tonnes per year. It is capable of berthing 150,000 DWT vessels and offers mechanized handling facilities ranging from wagon tippling, stacking and reclaiming through stackers, reclaimersand ship loaders.{{cn|date=September 2019}}


In FY19, Essar Group announced that Essar Ports handled a total of ~40 MT, which is a 11% increase over the total cargo handled in the previous fiscal. The growth has been driven by a 6% increase in captive cargo and a whopping 36% increase in third-party cargo. The numbers are great, especially when compared with the industry average of 5-6%. As the expansion and investment programme that Essar Ports underwent is complete, the company now has considerably ramped-up capacity, paving way for further growth in the coming financial year. Essar Ports has plans that are already underway to increasing its cargo handling by 50% to 60 MTPA in FY20.
In 2011, Essar Energy purchased [[Stanlow Oil Refinery|Stanlow Refinery]] in North West England for $1.3 billion.<ref>{{cite web|url=https://www.reuters.com/article/uk-essar-shell-stanlow-idUKTRE72S2S120110329 |title=India's Essar buys Shell's Stanlow refinery - Reuters |website=Reuters.com|date=29 March 2011|access-date=4 August 2022}}</ref> 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.<ref>{{cite news |last=Das |first=Debabrata |title=Essar Oil UK turns around Stanlow Refinery - The Hindu BusinessLine |url=https://www.thehindubusinessline.com/companies/essar-oil-uk-turns-around-stanlow-refinery/article8429612.ece |access-date=4 August 2022|work=www.thehindubusinessline.com |date=3 April 2016 |language=en}}</ref> Essar plans a £250 million expansion of Stanlow refinery, with over 16% production of transport fuels in the UK.<ref>{{cite web |title=Essar Oil UK to invest $250 million Stanlow refinery |date=7 September 2017 |url=https://www.livemint.com/Industry/iQIbUoiGCJXH0lDMN8zdHK/Essar-Oil-UK-to-invest-250-million-Stanlow-refinery.html |access-date=23 November 2022}}</ref>


'''Essar Projects''' had experience in executing mega projects in sectors such as Hydrocarbons ''(Refinery, Petrochemical & Fertilizer Plants)'', Tankages & Terminals, Pipelines ''(Oil & Gas, Water, Slurry and Sub-sea)'', Offshore ''(Platforms, SPM & PLEM)'', Infrastructure ''(Ports, Jetties, Airports, Railway, Buildings & Townships)'', Minerals & Metals ''(Steel Plants, Sinter Feed, Beneficiation & Pelletisation Plants, and Material Handling Systems)'', Power Plants ''(Coal, Gas, Multi-fuel and Hydel)''.
AGC Networks, a wholly owned subsidiary of Essar Group, acquired Black Box Corporation in 2019.<ref>{{cite web |title=AGC Networks completes Black Box Corporation acquisition |url=https://www.enterpriseitworld.com/agc-networks-completes-black-box-corporation-acquisition/ |access-date=19 November 2022 |website=www.enterpriseitworld.com}}</ref>


After Essar Steel, Essar Projects became the second Essar Group firm that was sent for debt resolution. The lenders have voted to take an offer from Royale Partners, a Dubai-based fund, for EPC Constructions India Ltd (earlier known as Essar Projects India Ltd), which was sent to the National Company Law Tribunal (NCLT) for debt resolution. EPC Constructions had defaulted on its loans worth Rs 7,200 crore and has been a non-performing asset since December 2014. The offer by Royale Partners is around Rs 900 crore, including Rs 450 crore upfront cash.
==Initiatives==
During the [[COVID-19 pandemic]], Essar Foundation opened Covid Care Centre at Devbhumi Dwarka, Gujarat,<ref>{{cite web |title=Essar Group sets up 100-bed covid care centre at Dwarka, Gujarat |url=https://www.livemint.com/companies/news/essar-group-sets-up-100-bed-covid-care-centre-at-dwarka-gujarat-11619872221860.html |access-date=21 November 2022 |website=www.livemint.com|date=May 2021 }}</ref> organized vaccination drives,<ref>{{cite web |title=CSR: Essar vaccinates over 2,000 employees across locations so far |url=https://indiacsr.in/csr-essar-vaccinates-over-2000-employees-across-locations-so-far/ |access-date=20 November 2022 |website=www.indiacsr.in}}</ref> and provided meals to needy people.<ref>{{cite news |title=Coronavirus: Essar Foundation to provide 12.5 lakh meals, 1 lakh medical supplies to people in need |url=https://economictimes.indiatimes.com/news/company/corporate-trends/coronavirus-essar-foundation-to-provide-12-5-lakh-meals-1-lakh-medical-supplies-to-people-in-need/articleshow/75048609.cms |access-date=21 November 2022 |newspaper=The Economic Times|date=8 April 2020 }}</ref>


Essar Group, on 24 April 2018, announced the sale of Equinox Business Parks, its commercial property in Mumbai's Bandra-Kurla Complex, to Brookfield Asset Management, a global asset manager, for an enterprise value of Rs 2,400 crore.
In 1997, the company started Essar Foundation for philanthropic initiatives in the areas of education, health, environment, women's empowerment, infrastructure, livelihoods & entrepreneurship.<ref>{{cite web |title=Essar Foundation and AGC Networks jointly supports multiple noble initiatives in the country |url=https://www.psuconnect.in/news/Essar-Foundation-and-AGC-Networks-jointly-supports-multiple-noble-initiatives-in-the-country/27614/ |access-date=10 May 2023}}</ref><ref>{{cite web |title=CSR: Essar provides shelter for Jay Janardan Aashram in Nashik |url=https://indiacsr.in/csr-essar-provides-shelter-for-jay-janardan-aashram-in-nashik/ |access-date=10 May 2023}}</ref>


==See also==
==See also==
* [[:Category:Conglomerate companies of India|Category:Conglomerate companies of India]]
* [[:Category:Conglomerate companies of India|Conglomerate companies of India]]
* [[Shipping Corporation of India]]
* [[Shashi and Ravi Ruia]]


==References==
==References==
{{Reflist}}
{{Reflist}}


[[Category:Essar Group| ]]
==External links==
* {{Official website}}
 
{{Essar Group}}
 
[[Category:Essar Group]]
[[Category:Multinational companies headquartered in India]]
[[Category:Multinational companies headquartered in India]]
[[Category:Companies based in Mumbai]]
[[Category:Companies based in Mumbai]]
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[[Category:Conglomerate companies established in 1969]]
[[Category:Conglomerate companies established in 1969]]
[[Category:1969 establishments in Maharashtra]]
[[Category:1969 establishments in Maharashtra]]
==External links==
* {{Official website}}

Latest revision as of 16:21, 5 March 2026


Essar Group
IndustryConglomerate
Founded1969; 57 years ago (1969)
Founder(s)
Headquarters
Mumbai, Maharashtra
,
India
Area served
Worldwide
Key people
Products
RevenueIncrease ₹120,000 crore (US$17 billion) (2022)[1]
Total assetsIncrease ₹64,000 crore (US$9.0 billion) (2022) [1]
Number of employees
7,000+[1]
Subsidiaries
  • Essar Energy
  • Essar Shipping (est. 1945)
  • Essar Oil UK
  • Essar Oil & Gas Exploration & Production
  • Essar Ports
  • Essar Power
  • Essar Projects
  • Black Box Corporation
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 assets in 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).[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 | edit source]

In 1969, Shashi Ruia won a 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 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.[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 coal bed methane producing 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 take over 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, Moneycontrol reported that Essar Group had cut down debt by 70% to about ₹12,000 crore.[22]

Essar has established Vertex Hydrogen 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 reportedly became debt-free after clearing $25 billion in liabilities, following the sale of its power plant and captive ports to ArcelorMittal Nippon Steel at a deal value of $2.05 billion.[25]

Business verticals[edit | edit source]

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

Energy[edit | edit source]

  • Essar Energy Transition
  • Essar Oil UK
  • Essar Oil & Gas Exploration & Production Ltd
  • Essar Power Ltd
  • Essar Future Energy

Infrastructure & logistics[edit | edit source]

  • Essar Ports
  • Stanlow Terminals
  • Essar Projects
  • Ultra Gas & Energy

Metals & mining[edit | edit source]

  • Essar Minmet
  • Mesabi Metallics
  • Manoor Bulatn Lestari
  • KSA Saudi

Technology & retail[edit | edit source]

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

Acquisitions[edit | edit source]

In 2003, Essar Group acquired Aegis Communication and spread across 13 countries.[26] In 2014, Essar did a part sale of Aegis USA Inc. with annual revenues of $400 million to Teleperformance,[27] and in 2017, Essar left the outsourcing business by selling Aegis’ operations to Capital Square Partners (CSP).[28]

Essar Steel acquired HGPL and SCGL from Stemcor in 2005 and became an integrated steel producer.[29]

In 2007, Essar Global acquired a US-based steel company named Minnesota Steel LLC.[30]

In 2010, Essar Global acquired Aries coal mines in Indonesia.[31]

In 2011, Essar Energy purchased Stanlow Refinery in North West England for $1.3 billion.[32] 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.[33] Essar plans a £250 million expansion of Stanlow refinery, with over 16% production of transport fuels in the UK.[34]

AGC Networks, a wholly owned subsidiary of Essar Group, acquired Black Box Corporation in 2019.[35]

Initiatives[edit | edit source]

During the COVID-19 pandemic, Essar Foundation opened Covid Care Centre at Devbhumi Dwarka, Gujarat,[36] organized vaccination drives,[37] and provided meals to needy people.[38]

In 1997, the company started Essar Foundation for philanthropic initiatives in the areas of education, health, environment, women's empowerment, infrastructure, livelihoods & entrepreneurship.[39][40]

See also[edit | edit source]

References[edit | edit source]

  1. ↑ 1.0 1.1 1.2 "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. ↑ S, Rajalakshmi (27 November 2017). "Essar Group sells Aegis to Capital Square Partners for $300 million". www.thehindubusinessline.com. Retrieved 1 August 2022.
  27. ↑ "Aegis completes sale of US arm to Teleperformance". The Economic Times. 8 August 2014. Retrieved 1 August 2022.
  28. ↑ Dhanjal, Swaraj Singh (3 April 2017). "Essar sells Aegis BPO to Capital Square Partners". Livemint. Retrieved 1 August 2022.
  29. ↑ "Essar Steel acquires two Stemcor companies". Retrieved 24 November 2022.
  30. ↑ "Essar to acquire US steel firm". The Economic Times. 18 April 2007. Retrieved 21 November 2022.
  31. ↑ "Essar buys Aries coal mines in Indonesia". 25 March 2010. Retrieved 18 May 2023.
  32. ↑ "India's Essar buys Shell's Stanlow refinery - Reuters". Reuters.com. 29 March 2011. Retrieved 4 August 2022.
  33. ↑ Das, Debabrata (3 April 2016). "Essar Oil UK turns around Stanlow Refinery - The Hindu BusinessLine". www.thehindubusinessline.com. Retrieved 4 August 2022.
  34. ↑ "Essar Oil UK to invest $250 million Stanlow refinery". 7 September 2017. Retrieved 23 November 2022.
  35. ↑ "AGC Networks completes Black Box Corporation acquisition". www.enterpriseitworld.com. Retrieved 19 November 2022.
  36. ↑ "Essar Group sets up 100-bed covid care centre at Dwarka, Gujarat". www.livemint.com. May 2021. Retrieved 21 November 2022.
  37. ↑ "CSR: Essar vaccinates over 2,000 employees across locations so far". www.indiacsr.in. Retrieved 20 November 2022.
  38. ↑ "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.
  39. ↑ "Essar Foundation and AGC Networks jointly supports multiple noble initiatives in the country". Retrieved 10 May 2023.
  40. ↑ "CSR: Essar provides shelter for Jay Janardan Aashram in Nashik". Retrieved 10 May 2023.

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