Essar Group plans to set up a Rs 40,000 crore petrochemical complex in Odisha in collaboration with a global company.
The oil to petrochemical complex will have an annual capacity of 7.5 million tonnes. It did not name its partner in the project.
The group also plans to set up a 14 million tonne per annum export-oriented pelletizing complex in Odisha with an investment of Rs 12,000 crore and a slurry pipeline of 250 km.
The complex will also include an iron ore fine beneficiation plant at Keonjhar, a pellet plant at Paradip port.
Essar’s pioneering investment in setting up a 12 MTPA iron ore pellet plant and 260 km slurry pipeline at Paradip in 2009 has helped Odisha realize its potential and become a national leader in minerals and mining, said Prashant Ruia, director, Essar Capital was. region. With Essar once again set to make significant new investments in Odisha in the sectors of metals and mining and energy, the state is one of the most attractive destinations.” On Thursday, Ruia participated in the third edition of Make in Odisha Conclave 2022.
Essar recently concluded its asset monetization program and completed debt repayment of Rs 2 lakh crore, effectively making the group debt-free from Indian banks and financial institutions. The company is now reinvesting in building new assets with more efficient, latest and carbon neutral new-age technologies and strengthening its existing operations both in India and overseas.
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