In a partnership with a major business, Essar Group intends to build a Rs 40,000 crore petrochemical complex in Odisha, the company announced in a statement on Thursday.
According to the statement, the oil to the petrochemical complex will have an annual capacity of 7.5 million tonnes. It did not give the identity of the project’s partner.
The group also announced plans to build a 250-kilometre slurry pipeline and a 14 million tonne per year export-focused pelletizing plant in Odisha for an estimated investment of Rs 12,000 crore.
The complex will also include a pellet plant near the Paradip port and an iron ore fines beneficiation plant in Keonjhar.
Prashant Ruia, Director of Essar Capital said, “Essar’s pioneering investment in setting up a 12 MTPA 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. Essar is once again poised for making significant fresh investments in Odisha in the sectors of metals and mining and energy, with the state being one of the most attractive destinations.” Ruia was present at the third Make in Odisha Conclave 2022 on Thursday.
The recent completion of Essar’s asset monetisation programme and repayment of Rs 2 lakh crore of debt has effectively resulted in the group being debt-free from Indian banks and financial institutions. The company is currently considering reinvesting in the development of new assets and bolstering its current activities, both in India and abroad, using more modern, cutting-edge, and carbon-neutral technologies.