Ruias plan comeback, say Essar to re-start investment in India and abroad
The promoters of the Essar group are planning a comeback with the group planning to re-start investing in India and overseas.
In a letter to the investors and the media, company promoters said the group currently generates earnings of about Rs one trillion ($14 billion) per annum, mainly from its refinery in the UK.
“Armed with a substantially lighter balance sheet, Essar is now well poised to embark on a new phase of growth, while driving growth in its existing portfolio. Essar will continue to use its entrepreneurial skills, vast pool of human resources, and decades of experience and innovation in pursuing fresh opportunities and creating value for all its stakeholders,” the group’s promoters, Shashi, Ravi and Prashanth Ruia said.
