Essar
 |
|
Essar House, Essar Headquarter, Mumbai
|
|
| Private | |
| Industry | Conglomerate |
| Founded | 1969 |
| Founder |
Shashi Ruia Ravi Ruia |
| Headquarters | Mumbai, Maharashtra, India |
|
Area served
|
Worldwide |
|
Key people
|
Shashi Ruia(Chairman) Ravi Ruia (Vice-Chairman) Prashant Ruia (Group CEO) Anup mishra (Group CEO) |
| Products |
Steel Oil and Gas Electricity Infrastructure Shipping Information technology Retail Real estate |
| Revenue |
 US$27 billion (2015) |
|
Number of employees
|
60,000 (2015) |
| Subsidiaries | Essar Steel, Essar Steel Algoma, Essar Oil, Essar Shipping, Essar Hypermart, The MobileStore |
| Website | www |
Essar Global Fund Limited is an Indian conglomerate group based in Mumbai, India. The Fund is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy, Metals & Mining, Infrastructure (comprising ports and EPC businesses) and Services (primarily comprising shipping and BPO businesses).
Essar began as a construction company in 1969 and diversified into manufacturing, services and retail. Essar is managed by Shashi Ruia – Chairman, and Ravi Ruia – Vice Chairman.
Today, the company has expanded its global footprint, focusing on markets in Asia, Africa, Europe and the Americas.
Essar began its first operation with the construction of an outer breakwater in Chennai port. The name Essar is derived by combining the first letter of the Chairman's and Vice-Chairman's names – Shashi and Ravi, i.e. S plus R sounds like Essar. The company was incorporated in June 1976 under the name of Essar Construction Limited and was engaged primarily in core sector activities, including marine construction, pipeline laying, dredging and other port related activities. In 1984, the company ventured further into other core sectors mainly the field of exploration and development, drilling onshore and offshore oil and gas wells for Indian Public Sector oil exploration companies. The company's name was then changed to Essar Offshore and Exploration Limited in May 1987.
In August 2000, the company's name was changed to Essar Gujarat Limited, to reflect its highly diversified business interest. In 1988, the company made an initial public offer for its shares, which are now listed in , and two other Indian stock exchanges.
In the 1990s the group entered into steel making with its Hazira plant in Gujarat and a pellet plant in Visakhapatnam. During the same decade the Essar expanded its scope into other businesses gas exploration, oil refinery, construction and GSM telephony.
As part of its business strategy of focusing on the iron and steel sector, the company hived off its unrelated business to a series of different companies. Offshore and energy operations were transferred to Essar Oil Limited in May 1992, Civil and mechanical construction business were transferred to Essar Projects Limited in March 1993.
With a vertical integration program in mind, construction of a technology Hot Rolled (HR) sheets and coil plant began in 1992. The plan commenced trial production in April 1995 and commercial production in April 1996.
The name of the company was changed from Essar Gujarat Limited to Essar Steel Limited in December 1995. The company operates the following facilities at Hazira, Gujarat state: MMTPA gas based Hot Briquetted Iron (HBI) plant; and MMTPA Hot Rolled Coils (HRC) plant.
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