Essar Capital Ltd, the investment arm of Essar Global Fund Ltd, is rebuilding its metals business, naming Anil Kumar Chaudhary as the Chief Executive Officer of its metals and mining vertical.
Essar Capital’s metals and mining business is at an advanced stage of developing and executing projects in India and the US. It is foraying into iron and steel making, both in India and in the Middle East.
Essar Global Fund is a global investor in assets across energy, infrastructure, metals and mining, services and technology.
Chaudhary was formerly the Chairman and Managing Director of Steel Authority of India Limited (SAIL) and has been the Chairman of International Coal Ventures Ltd. (ICVL) and MJunction Services.
Sources close to the company said that ESSAR is setting up an iron ore beneficiation plant at Odisha for the production of around 14 MTPA pellet feed iron ore concentrate.
Essar’s move comes about three years after the sale of Essar Steel to ArcelorMittal/ Nippon Steel alliance through the court-supervised bankruptcy resolution process. The company’s business in North America, Mesabi Metallics, is building a 7-million tons per annum taconite mining and pelletization project in Nashwauk, Minnesota, to supply critical raw materials to the North American steel market.
Mesabi Metallics has 1.7 billion metric tonnes of mineable resources and is set to become the lowest-cost producer of DRI / HBI in the US.
Essar Capital’s promoter Prashant Ruia, in a recent LinkedIn post, said that the company would invest in assets toward a green economy and in businesses that will transform sector landscapes from carbon to a clean energy ecosystem.
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