Essar group raises $450 million to expand Minnesota mine project.

The Essar Group owned by the billionaire Ruia brothers have achieved financial closure for the $1.8 billion Minnesota Mining project making some headway six years after the asset was acquired. The group has raised $450 million from a clutch of New York based funds to fund the expansion of the mine.

Essar Steel Minnesota had raised $450 million from banks, but returned the funds after securing what it called was a better deal from funds based in New York, Madhu Vuppuluri, president and CEO of Essar Minnesota in an interaction with ET said.

ET