Home / Companies / News /  Essar Group plans 40,000 cr petrochemical complex in Odisha

Essar Group, the ports-to-power conglomerate controlled by billionaire brothers Shashi and Ravi Ruia, on Thursday said it is planning to set up a 40,000 crore petrochemical complex in Odisha in a tie-up with a global player.

However, it didn't reveal its partner in the project.

The oil to petrochemical complex will have an annual capacity of 7.5 million tonnes, the conglomerate said in a statement.

Essar Group also plans to set up a 14 million tonne a year export-oriented pelletizing complex in Odisha, at an investment of 12,000 crore and with a 250-kilometer slurry pipeline, the statement read.

Essar Group becomes debt free

Recently, Essar Group said that it had become debt-free after repaying $25 billion.

Essar Ports & Terminals and Essar Power concluded the $2.05 billion sale of captive ports and power assets to ArcelorMittal Nippon Steel India.

The deal included a 270 megawatt power plant and a port with capacity of 25 million tons a year at Hazira in Gujarat and another 12 million-ton port at Paradip in Odisha.

“Essar has concluded its asset monetization program, making the group debt-free from Indian banks and financial institutions," said Prashant Ruia, director, Essar Capital Ltd, the investment manager of the conglomerate.

As part of repaying debt to banks and financial institutions, Essar Group has been selling assets including its refinery business, fuel retailing, power plants, ports for the last five years and delisting companies from stock exchanges. India’s bankruptcy law had triggered the asset monetization.

Rewant Ruia, director, Essar Ports, said the group had monetized assets that were built over the last 30 years and is now reinvesting in existing operations and building new assets, both in India and overseas as well.

With agency inputs

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