Ruias gear up for Essar 2.0 with investment-led growth plan

Notwithstanding the setback caused due to the loss of its flagship steel business to ArcelorMittal, the Essar group has embarked on the next phase of investment-led growth.

In a mailer sent to Union ministers, Chief Ministers and top bureaucrats on the occasion of the group’s 50th anniversary celebrations, the promoters Ruia family said it is looking to embark on a new phase of growth on the strength of a substantially lighter balance sheet arising from repayment of ₹1.4-lakh crore loans over the last three years.

Essar did not specify what the new growth areas could be, but said it took “a conscious call of reducing its debt in response to evolving domestic and evolving economic scenario.”