LONDON : The Essar group promoted by the Mumbai-based Ruia family on Thursday announced a plan to set up an oil-to-petrochemical (OTC) complex in Odisha at an investment of Rs 40,000 crore, or about $4.9 billion.
The complex will be built jointly with a foreign partner and have an annual capacity of 7.5 million tonnes, the company said without identifying the partner.
The group also plans to set up a 14 million tonne per year export-oriented pelletising complex in the state at an investment of Rs 12,000 crore. The project will include an iron ore fines beneficiation plant at Keonjhar, a pellet-making unit at Paradip port and a 250-km slurry pipeline.
“Essar is poised for making significant fresh investments in Odisha in the sectors of metals, mining and energy, with the state being one of the most attractive destinations,” the statement quoted Essar Capital director Prashant Ruia as saying at the ‘Make in Odisha’ conclave in Bhubaneswar attended by chief minister Naveen Patnaik.
The group recently completed debt repayment of Rs 20,000 crore, or nearly $25 billion, practically making it debt-free. It is now looking at building new assets and strengthening existing operations in India and abroad with carbon neutral new-age technologies.
“Essar’s pioneering investment in setting up a 12 million tonne per annum iron ore pellet plant and a 260-km slurry pipeline to Paradip in 2009 was instrumental in Odisha realising its potential and becoming the national leader in the minerals and mining sector,” Ruia is quoted as saying.