Essar Energy
Essar Oil |
Essar Energy plc is Mauritius-based Indian
History
Established in 1998 as a wholly owned business unit of the Essar Group conglomerate,[2] the business was floated on the London Stock Exchange in April 2010, marking the exchange's largest initial public offering since December 2007.[3] The company was added to the FTSE 100 Index at the subsequent quarterly review. Essar Global Fund Limited retained an approximate 76% stake in Essar Energy.[4] The lead underwriters to the initial public offering were JPMorgan Chase and Deutsche Bank. The primary offering raised £1.3bn. Ravi Ruia, the Chairman, and Sanjay Mehta, a senior board member of Essar Global Limited, were identified in an Economic Times of India article as instrumental in the listing.[5]
Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan government[6] and, in May 2014, the company was acquired by its majority shareholder, Essar Global Fund Limited.[7]
The Sunday Times reported on 26 September 2021, that the company was conducting urgent talks with HM Revenue and Customs to prevent it from collapse.[8] The company reached an agreement with HM Revenue and Customs on 29 September 2021.[9]
Operations
Power plants
Essar Energy has an installed power generation capacity of 3,910 MW across six plants.[10]
- Essar Hazira Power Plant, Hazira, Gujarat. It is a 515 MW (1×215, 1×300 MW) gas-based thermal power plant. The plant is fully functional.[10]
- Essar Vadinar Power Plant, Vadinar, Gujarat. It is a 1,010 MW (1×120, 1×380 MW, 1×510 MW) captive thermal power plant. The plant is fully functional.[10]
- Essar Bhander Power Plant, Hazira, Gujarat. It is a 500 MW (1×500 MW) gas-based thermal power plant. The plant is fully functional.[10]
- Essar Salaya Power Plant, Salaya, Gujarat. It is a 1200 MW (2×600 MW) coal-based thermal power plant. The plant is fully functional.
- Essar Algoma Power Plant, Algoma, Ontario, Canada. It is an 85 MW (1×85 MW) thermal power plant. The plant is fully functional.[10]
- Essar Mahan Power Plant, Mahan, Singrauli district Madhya Pradesh. It is a 1,200 MW (2×600 MW) coal-based thermal power plant. One unit is functional.
- Essar Hazira-2 Power Plant, Hazira, Gujarat. It is a 270 MW (1×135 MW) thermal power plant. This plant is yet to become operational.
- Essar Tori Power Plant, Tori, Jharkhand. It is an 1,800 MW (3×600 MW) coal-based thermal power plant. This plant is yet to become operational.
- Essar Paradip Power Plant, Paradip, Odisha. It is a 120 MW (4×30 MW) coal-based thermal power plant. This plant is yet to become operational.
Petroleum
The company has an 86% interest in a joint venture with
The company holds both onshore and offshore petroleum exploration and production rights in India, as well as rights to a coalbed methane block. The firm also holds exploration and production interests in Nigeria, Vietnam, Australia, Indonesia, and Madagascar. In June 2012 Essar Energy received the final forest approval for developing a coal mine in Indonesia.[13]
References
- ^ a b c "Annual Report 2013" (PDF). Archived from the original (PDF) on 30 October 2013. Retrieved 17 March 2014.
- ^ "Essar Energy: Prospectus" (PDF). Archived from the original (PDF) on 8 March 2012. Retrieved 20 June 2010.
- ^ Kumar, Nikhil (5 May 2010). "Essar suffers worst IPO in eight years". The Independent. Retrieved 20 June 2010.
- ^ "Notification of major interest in shares". Essar Energy. p. 11 May 2010. Archived from the original on 15 July 2011. Retrieved 20 June 2010.
- ^ Essar's Ravi Ruia relocates to London; to raise $3bn
- ^ Essar Energy to sell Mombasa refinery stake, International: Oil Review Africa, 2013
- ^ "Ruias win shareholder approval to buy Essar Energy". Reuters. 9 May 2014. Retrieved 24 June 2014.
- ^ "Petrol giant Essar on brink of collapse". The Sunday Times. 26 September 2021. Retrieved 26 September 2021.
- ^ "UK reaches phased tax payment deal with Essar as fuel panic persists". Offshore Technology. 29 September 2022.
- ^ a b c d e "Power". Essar Energy. Archived from the original on 8 September 2014. Retrieved 20 March 2014.
- DNA. Retrieved 12 March 2021.
- ^ "Essar Energy to be listed on London's FTSE 100". The Hindu. 10 June 2010. Retrieved 12 March 2021.
- ^ "Essar Energy gets final nod to develop coal mine". Business Line. 8 June 2012.