Essar signals resuming investment-led growth plan
NEW DELHI: The USD 10 billion energy-to-technology conglomerate Essar is looking to embark on a new phase of investment-led growth on the strength of a substantially lighter balance sheet arising from repayment of Rs 1.4 lakh crore loans over the last three years, the promoter Ruia family has said. Despite losing Essar SteelNSE 0.00 % in insolvency proceedings, cash flows remain strong, with Rs 1,00,000 crore of revenues from existing businesses.
The group has kickstarted its 50th-anniversary celebrations with an aggressive influencer outreach.
In a mailer sent to Union ministers, chief ministers and top bureaucrats, the Essar Group has indicated that it is “poised to embark on a new phase of growth while driving growth in its existing portfolio.”
