Manoj at 10:51, 5 March 2026

2026-03-05T10:51:36Z

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{{Short description|Indian Multinational Conglomerate}}
{{Use dmy dates|date=January 2016}}
{{Infobox company
| name = Essar Group
| logo = [[File:Essar logo.svg|220px]]
| logo_caption = Official logo
| image = [[File:EssarHouse.jpg|250px]]
| image_caption = Essar House (Headquarters), [[Mumbai]], [[India]]
| type = [[Privately held company|Private]]
| foundation = {{start date and age|1969}}
| founder = {{plainlist|
* [[Shashi Ruia]]
* [[Ravi Ruia]]}}
| location_city = [[Mumbai]], [[Maharashtra]]
| location_country = [[India]]
| area_served = Worldwide
| key_people = {{plainlist|
* [[Ravi Ruia]] ([[Vice-Chairman]])
* Prashant Ruia ([[Group CEO]])}}
| industry = [[Conglomerate (company)|Conglomerate]]
| products = {{plainlist|
* [[Fuel]]
* [[Coalbed methane]]
* [[Electric power|Power]]
* [[Bulk cargo|Bulk Cargo handling]]
* [[Coal mining]]
* [[Shipping]]
* [[IT Services]]}}
| 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"/>
| subsid = {{plainlist|
* Essar Energy
* Essar Shipping (est. 1945)
* Essar Oil UK
* Essar Oil & Gas Exploration & Production
* Essar Ports
* Essar Power
* Essar Projects
* [[Black Box Corporation]]}}
| homepage = {{URL|https://www.essar.com}}
}}

'''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>

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

==History==
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 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>

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>

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 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>

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>

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>

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>

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

=== Infrastructure & logistics ===
* Essar Ports
* Stanlow Terminals
* Essar Projects
* Ultra Gas & Energy

=== Metals & mining ===
* Essar Minmet
* Mesabi Metallics
* Manoor Bulatn Lestari
* KSA Saudi

=== Technology & retail ===
* Black Box (Previously known as AGC Networks Ltd)
* Essar Shipping
* Pluckk

==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>

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 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>

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>

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>

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>

==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>

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

==References==
{{Reflist}}

==External links==
* {{Official website}}

{{Essar Group}}

[[Category:Essar Group]]
[[Category:Multinational companies headquartered in India]]
[[Category:Companies based in Mumbai]]
[[Category:Indian companies established in 1969]]
[[Category:Conglomerate companies established in 1969]]
[[Category:1969 establishments in Maharashtra]]

Essar Group - Revision history

Manoj at 10:51, 5 March 2026