Press Trust of India reported that Essar Projects is betting big on domestic steel capacity expansion and other related areas for achieving its targeted over INR 50,000 crore revenue in five years.

Mr AV Amarnath CEO (Minerals and Metals) of Essar Projects said that "Essar Projects, as a whole, had clocked around INR 11,000 crore turnover last year. The minerals and metals business unit contributed INR 2,900 crore and this is likely to go past INR 10,000 crore in five years when Essar Projects' turnover will exceed INR 50,000 crore.”

He said that Essar Projects, which provides turn key solutions on an array of areas including ports, mining and oil and gas, power among others, has a USD 6.1 billion order-book that includes USD 1.4 billion from minerals and metal sector.

Asked about the plans in the minerals and metal sector, Amarnath said Essar projects has over the years built capacity to provide various solutions to the metal sector. It has built Essar Steel's 10 million tonnes per annum steel plant at Hazira.

He said that "In fact, we have bagged orders from Jindal Steel and Power and Steel Authority of India in recent times. TATA's have also reposed faith on us and we are looking forward to work for their Odisha plant adding pelletisation and beneficiation plants for adding value to iron ore is also a good potential source of business generation.”

Source - Press Trust of India

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