India’s Essar Group plans to invest billions of dollars in low-carbon projects in Saudi Arabia, the UK and India, as the company transitions into clean energy investments.
The conglomerate controlled by billionaire brothers Shashi and Ravi Ruia expects to get final approvals by June to start investing about $4 billion to build a low-carbon steel plant to produce 4 million tons per year in Ras Al-Khair, Saudi Arabia, said Prashant Ruia, director of Essar Capital, which manages the group’s portfolio of investments.
“Once we get all the approvals, we have set a three-year timeline to build the project,” Ruia said in an interview at an investment conference in Riyadh. “We are building up this plant to meet the boom taking place in domestic demand for steel.”
India’s Essar Group plans to invest billions of dollars in low-carbon projects in Saudi Arabia, the UK and India, as the company transitions into clean energy investments.
The conglomerate controlled by billionaire brothers Shashi and Ravi Ruia expects to get final approvals by June to start investing about $4 billion to build a low-carbon steel plant to produce 4 million tons per year in Ras Al-Khair, Saudi Arabia, said Prashant Ruia, director of Essar Capital, which manages the group’s portfolio of investments.
“Once we get all the approvals, we have set a three-year timeline to build the project,” Ruia said in an interview at an investment conference in Riyadh. “We are building up this plant to meet the boom taking place in domestic demand for steel.”