After exiting two of its most prized assets in Gujarat — the refinery and steel facilities, the Ruias-controlled Essar group is once again exploring the state for several big-ticket projects.
These include setting up a commercial port, new and emerging technologies, EV vehicles and lithium-ion manufacturing facility, renewable energy, petrochemicals and even a steel project. The company has drawn out plans to invest about $5 billion (roughly Rs 35,000 crore) for a steel manufacturing project in Gujarat, said sources close to the development.
The promoters of Essar Group had last year lost a long-draw the battle to wrest control of the bankruptcy-ridden Essar Steel at Hazira which it had built from a scratch. The stressed steel plant project of 10 million tonnes per annum capacity went into insolvency proceedings and was bagged by ArcelorMittal Nippon Steel India Ltd.
Senior executives of Essar Group met top Gujarat government officials last week to discuss various plans. The company has also submitted a proposal to set up a steel plant with 8 million tonnes of annual capacity for which it has sought land from the state government.