Published On:October 27 2023
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"Essar to Commence Construction of $4 Billion Saudi Steel Plant in 2024"

"Essar to Commence Construction of $4 Billion Saudi Steel Plant in 2024"

The Essar Group, under the stewardship of billionaire brothers Shashi and Ravi Ruia, is embarking on a substantial investment plan focused on low-carbon initiatives in Saudi Arabia, the United Kingdom, and India. This move signals the company's strategic shift towards clean energy investments.

The conglomerate is poised to receive final approvals for its ambitious venture by June, with plans to allocate approximately $4 billion towards the construction of a low-carbon steel plant capable of producing 4 million tons per year. The plant is slated to be established in Ras Al-Khair, Saudi Arabia, and represents a significant step towards sustainability and environmentally conscious industrial practices.

Prashant Ruia, the Director of Essar Capital, which oversees the conglomerate's diverse portfolio of investments, confirmed the company's intentions to undertake this groundbreaking project in Saudi Arabia, positioning itself as a key player in the global transition towards cleaner and greener energy solutions.


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