Davos 2026: Is Essar Capital looking to grow in capital markets? Prashant Ruia gives big update

Prashant Ruia, Chief Executive of Essar Capital, said on Tuesday that the group is looking to become a significant player in the capital markets. Speaking to Business Today’s Siddharth Zarabi on the sidelines of the World Economic Forum (WEF) in Davos, Ruia said, “We are currently not a very big player in the capital markets, but obviously that can't be forever.”

Ruia said that Essar Capital has around 10 portfolio companies in which it invests in, most of which are closely held. He added that India would account for 50 per cent or more of the group’s overall focus.

“We have about 10 portfolio companies which we invest in, and most of them are closely held right now. We don't have too many companies other than BlackBox, which is in the public markets, and we look at each opportunity depending on [how] those investments proceed. Broadly, I would say India would certainly be 50% or more of the group; whichever way we do it, we still are primarily focused on developing India.”

Ruia said he believes the India growth story remains “very strong for the next few years.” He added that the group is sharply focused on four core sectors—energy, metals and mining, infrastructure, and technology.

“The world is looking for energy. The world is looking for power. So all these sectors are, once again, people are investing in droves. Whether it is power for data centres, whether it is renewable power for power, whether it is batteries for power.”

He noted that infrastructure investment in India continues to be largely government-led, while emphasising the quality of assets being created.

“India is a prime example of the infrastructure investment taking place, largely led by the government, but the quality of the infrastructure coming up is just amazing.”

Ruia also outlined why the group continues to prioritise India over other markets, beyond infrastructure investment alone.

“India remains our primary uh you know area of focus. Within that, it's in the energy space, it's obviously downstream refining, it's retail, it's building an oil and gas company. We're investing in biofuels in building a sustainable aviation fuel plant, and then infrastructure, it's the same sectors, it's ports, it's power.”

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