essargroup

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Ravi Ruia is the co-founder of the multinational conglomerate, Essar Group and is one of the richest Indians in the world. The billionaire businessman is the brother of Shashi Ruia, and they’re known as the Ruia Brothers. Over the years, Ravi and Shashi have been ruling a series of industries with their Essor Group. It was back in 1969 when Ruia Brothers founded Essar Group.

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The Ruia brothers have played an essential role in shaping India's economic development. Following Shashi Ruia’s passing, Ravi continues to lead Essar, honoring their shared legacy.

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The group's first major contract in 1969 was for constructing an outer breakwater for Chennai Port. Soon it entered into the power sector, becoming India's first Independent Power Producer (IPP) in 1991, went into shipping in 1992, and entered the telecom business in 1995.

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It is with profound grief that we inform of the passing of Shri Shashikant Ruia, Patriarch of the Ruia and Essar Family. He was 81. With an unwavering commitment to community upliftment and philanthropy, he touched millions of lives leaving an enduring impact. His humility, warmth, and ability to connect with everyone he met, made him a truly exceptional leader. An iconic industrialist, Shri Shashikant Ruia, Chairman, Essar Group, played a significant role in redefining India's corporate landscape.

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The deal, which requires approval from Indian regulators and is expected to be concluded by November, ends a relationship that had turned acrimonious lately. Vodafone had opposed the Ruias' move to transfer part of their one third stake in Vodafone Essar to a listed firm of their group in a bid reportedly to discover the 'fair market value' of their stake.

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Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.

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The plan to replace as much as 70% of ₹ 37,000 crore of liabilities at Essar Oil Ltd and Essar Steel India Ltd with dollar borrowings by March 2014 would cut interest expenses by about 7 percentage points, according to V. Ashok, the group’s chief financial officer. The rupee’s 10.6% tumble this quarter means Essar needs to borrow fewer dollars to repay rupee obligations, increasing cost savings to more than $300 million a year, he said.

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A special court today acquitted Essar Group promoters Ravi Kant Ruia and Anshuman Ruia and others in a case arising out of the 2G scam probe. Besides them, Special Central Bureau of Investigation Judge O P Saini also acquitted Loop Telecom Promoters I P Khaitan and Kiran Khaitan in the case.

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The CBI will find that Essar used Loop as a front to acquire more licences and spectrum than legally allowed in 2008, when A Raja was the telecom minister. Mr Raja is currently in jail and is being tried for charges that include criminal breach of trust by a public servant.  

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Senior advocate Harish Salve, who appeared for ETHL, told the court that CBI's allegation that the firm had cheated the government was wrong as the probe agency and the Department of Telecommunications (DoT) have taken contradictory positions regarding the explanation of clause 8 of UASL guidelines.

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The special CBI judge OP Saini earlier in the day said that prosecution has miserably failed to prove any of the charges against any of the accused in the alleged 2G telecom spectrum scam.

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NEW DELHI: The CBI has challenged in the Delhi High Court the acquittal of Essar Group promoters Ravi Kant Ruia and Anshuman Ruia and six others in a case arising out of the probe in 2G scam case.

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The two brothers, Shashi and Ravi, jointly founded Essar Global Fund Limited (EGFL) as a diversified global private fund exclusively managed by its investment manager, Essar Capital Limited. EGFL is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy (comprising Exploration & Production, Refining & Marketing, and Power businesses), Infrastructure (comprising Ports, Terminals and EPC businesses), Metals & Minerals, and Services & Technology (comprising Shipping, Oilfield services and Technology Solutions).

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The same will be placed before the board at its next meeting," the company added. Essar Shipping Ports & Logistics is part of Essar Group, which has a presence in the sectors of steel, energy, power, communications, construction, and mining and minerals. Essar Shipping Ports & Logistics is a logistics services provider with investments in ports and terminals, sea transportation and oilfield drilling services.

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When the Ruia brothers decided to delist Essar Energy from the London Stock Exchange, they must have known it would be a long and arduous process. Hostile takeovers are seldom straightforward, but if there ever was a team up for the challenge, the billionaire brothers were it.

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https://www.devdiscourse.com/article/headlines/3224405-eet-fuels-secures-350m-for-decarbonisation-ambitions

EET Fuels, the trading name for Essar Oil (UK) Ltd, has secured $350 million in financing as part of its efforts to decarbonize its operations. The funding, sourced from Afreximbank and an upscaled crude facility, will support a $1.2 billion investment aimed at significantly reducing emissions by 2030.

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With plans to become the leading low carbon process refinery, through the delivery of a 95 per cent reduction in carbon emissions, and to develop Stanlow into an energy transition hub, including industrial carbon capture, low carbon hydrogen production and Europe's first hydrogen-fueled combined heat and power plant, EET Fuels is setting a global benchmark for industrial decarbonisation, the company said.