Essar Group plans Rs 40,000-cr petrochemical complex in Odisha
The group also plans to set up a 14 million tonne a year export-oriented pelletizing complex in Odisha, at an investment of Rs 12,000 crore
- Dec 1, 2022,
- Updated Dec 2, 2022 12:16 AM IST
Essar Group plans to set up a Rs 40,000-crore petrochemical complex in Odisha in a tie-up with a global player, it said in a statement on Thursday.
The oil to petrochemical complex will have an annual capacity of 7.5 million tonnes, it said. It did not name its partner in the project.
The group also plans to set up a 14 million tonne a year export-oriented pelletizing complex in Odisha, at an investment of Rs 12,000 crore and with a 250-kilometer slurry pipeline, it said.
The complex will also comprise of an iron ore fines Beneficiation Plant at Keonjhar, a Pellet Plant at Paradip port.
Prashant Ruia, Director, Essar Capital said, "Essar’s pioneering investment in setting up a 12 MTPA iron ore pellet plant and a 260 km slurry pipeline to Paradip in 2009, was instrumental in Odisha realising its potential and becoming the national leader in the minerals and mining sector. Essar is once again poised for making significant fresh investments in Odisha in the sectors of metals and mining and energy, with the state being one of the most attractive destinations." On Thursday, Ruia attended the third edition of the Make in Odisha Conclave 2022.
Essar recently concluded its asset monetisation programme and completed the debt repayment of Rs 2 lakh crore effectively making the group debt-free from Indian banks and financial institutions. The company is now looking at reinvesting in building new assets and strengthening their existing operations both in India and overseas, with more efficient, latest and carbon neutral new-age technologies.
Also read: Kirit Parikh Committee report on gas prices. What can be expected
Also read: Govt cuts windfall tax on crude oil output, diesel exports
Essar Group plans to set up a Rs 40,000-crore petrochemical complex in Odisha in a tie-up with a global player, it said in a statement on Thursday.
The oil to petrochemical complex will have an annual capacity of 7.5 million tonnes, it said. It did not name its partner in the project.
The group also plans to set up a 14 million tonne a year export-oriented pelletizing complex in Odisha, at an investment of Rs 12,000 crore and with a 250-kilometer slurry pipeline, it said.
The complex will also comprise of an iron ore fines Beneficiation Plant at Keonjhar, a Pellet Plant at Paradip port.
Prashant Ruia, Director, Essar Capital said, "Essar’s pioneering investment in setting up a 12 MTPA iron ore pellet plant and a 260 km slurry pipeline to Paradip in 2009, was instrumental in Odisha realising its potential and becoming the national leader in the minerals and mining sector. Essar is once again poised for making significant fresh investments in Odisha in the sectors of metals and mining and energy, with the state being one of the most attractive destinations." On Thursday, Ruia attended the third edition of the Make in Odisha Conclave 2022.
Essar recently concluded its asset monetisation programme and completed the debt repayment of Rs 2 lakh crore effectively making the group debt-free from Indian banks and financial institutions. The company is now looking at reinvesting in building new assets and strengthening their existing operations both in India and overseas, with more efficient, latest and carbon neutral new-age technologies.
Also read: Kirit Parikh Committee report on gas prices. What can be expected
Also read: Govt cuts windfall tax on crude oil output, diesel exports