Indian banks have asked the promoters of Essar Steel to bring in fresh equity worth Rs 2,500 crore into the company before it can go ahead with its proposal for loan restructuring.
Essar Shipping Ltd (ESL) today reported strong operational performance with a 22% growth in cargo handling in FY2016-17.
Pushed by LIC, Essar Oil has given an unconditional undertaking to the institution and some of the lenders that their dues would be cleared within three days of the closure of its crucial deal with the Russian firm Rosneft.
Essar Power Hazira Ltd, a subsidiary of Essar Power Ltd, today announced that its 2×135 MW power project in Hazira was now operating consistently at close to 100% capacity utilisation.
Essar Power MP Ltd (EPMPL), a subsidiary of Essar Power Ltd, plans to commence commercial operations from its second 600 MW unit at its 2×600 MW Mahan power project in Madhya Pradesh’s Singrauli district from Q4 of FY2016-17.
In a first time ever, the Cabinet Committee on Economic Affairs approved Capital Grant of 40%, amounting to Rs. 5,176 Crores over 5 years, for the pipeline project, to be implemented by GAIL at an estimated capital outlay of Rs. 12,940 Crores. This is the first time ever that Central Government has approved capital Grant for a Natural Gas pipeline project.
In a major step towards the construction of the Jagadishpur-Haldia-Bokaro-Dhamra Natural Gas Pipeline (JHBDPL), GAIL (India) Ltd has approved placement of orders for pipeline laying work of 345 km from Phulpur to Dobhi under Phase-IB at an estimated cost of Rs 306 crore. The order is for two sections to be executed simultaneously by JSIW Infrastructure Pvt. Ltd. and IL&FS Engineering & Construction Co. Ltd Laying works under phase-IB shall commence by the end of October, 2016 and targeted to be completed by December, 2018.
This project uses eco-friendly fluidised bed combustion technology boilers that result in lower emissions. The boiler is designed to use both domestic as well as imported coal. The world-class equipment ensures maximum availability and reliability for the Essar Steel units in Odisha. With the commissioning of Unit 2, Essar Steel will be able to further reduce its power bill, and enhance its competitive edge.
Essar Power Ltd (EPoL) has announced completion of Phase I (2×30 MW) of its 120 MW Paradip Power Plant following the synchronisation of the 30 MW second unit with the Odisha state grid on 28 September 2016. With this, Essar Power’s installed capacity now stands at 4,705 MW. The 120 MW imported coal based power project at Paradip, Odisha, is developed by Essar Power Orissa Limited (“EPOrL”), which is a subsidiary of EPoL. This has been set up as a captive power plant to meet the requirements of Essar Steel India’s 12 million tonne pellet plant in Odisha. The facility comprises a pelletisation plant at Paradip and a beneficiation plant at Dabuna, which are connected through a 253-km slurry pipeline.
GAIL places order for 315 km of Line Pipes for Auraiya – Phulpur Pipeline, one of the feeder lines for Phulpur – Haldia Pipeline.
Essar Steel India Limited (EStIL) has recorded a significant 48% quarter-on-quarter growth in flat steel production in