Essar to embark on new phase of investment-led growth: Ruia family

The $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 trillion loans over the last three years, the promoter Ruia family has said.

Despite losing Essar Steel 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.”