Essar Group
The Essar Group is an India-based diversified corporation with interests in telecommunications, shipping, steel, construction, power and oil. The group has an estimated market value of US$ 15 billion and has an annual revenue of US$ 2.2 billion. Major Essar brand names include Vodafone Essar and Algoma Steel.
It is headed by Chairman Shashi Ruia and Vice-Chairman Ravi Ruia.
Essar Steel
Essar Steel is one of India's top 10 steel manufacturers. In April 2007, Essar purchased Canada-based Algoma Steel for US$ 1.63 billion and United States-based Minnesota Steel for an undisclosed amount. As a part of the deal with Minnesota Steel, Essar will invest US$ 1.65 billion dollars to build steel plant in northern Minnesota. The plant will be the first one in North America to have iron-ore mining, processing and steelmaking on a single site.[1] After the acquisition of these firms, Essar Steel has emerged as India's fourth largest steel manufacturer after Tata Steel, Steel Authority of India Limited and Jindal Steel. The Minnesota state governor opposes funding the project due to Essar ties to Iran.[2]
A new arm has been set up by the Essar Group for retail sales of steel, directly to the consumers, known as Steel Hypermart. This is the first such concept of steel retailing in the country (it is B2C).
Essar Steel is starting a new steel plant in Vietnam, expected to be operational by 2010.
External links
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