Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
The Essar Group is
awaiting certain approvals from the Saudi Government to start construction of
low-carbon steel plant in the kingdom at a total investment of $4.5 billion. The company has
already secured a land bank of 1,000-acre for the multibillion-dollar project.
This will be Essar Group’s first steel project outside India. It will take
around three years for the project to get up and running.
“Saudi Arabia is
going through a large growth phase, a large part of steel today is getting
imported into Saudi Arabia. So this is basically a domestic plant,” said
Prashant Ruia, Director, Essar Capital.
Saudi Arabia has
massive plans to become an electric vehicle manufacturing hub, producing more
than 3 lakh cars on yearly basis by the end of this decade. Essar is looking
to tap into the demand for steel for such cars as well as for other consumer
goods industry. Essar also plans to invest in constructing two dedicated berths
at Ras Al Khair port, exclusively for its steel project.
