Essar Energy plc is Mauritius-based Indian

energy Energy () is the physical quantity, quantitative physical property, property that is transferred to a physical body, body or to a physical system, recognizable in the performance of Work (thermodynamics), work and in the form of heat and l ...

company with assets in the power and oil and gas businesses. Headquartered in Port Louis, Mauritius and subsidiary of

Essar Group Essar Group is an Indian Multinational company, multinational Conglomerate (company), conglomerate company, founded by Shashi and Ravi Ruia, Shashi Ruia and Ravi Ruia in 1969. The company, known as Essar Global Fund Limited (EGFL), owns a vari ...

, the firm has interests in both the power generation and

petroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

industries. In May 2014 the company was acquired by its majority shareholder, Essar Global Fund Limited.

History

Established in 1998 as a wholly owned business unit of the

conglomerate, the business was floated on the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

in April 2010, marking the exchange's largest

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

since December 2007. The company was added to the

FTSE 100 Index The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chips listed on ...

at the subsequent quarterly review. Essar Global Fund Limited retained an approximate 76% stake in Essar Energy. The lead underwriters to the initial public offering were

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

and

Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

. 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. Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan government and, in May 2014, the company was acquired by its majority shareholder, Essar Global Fund Limited. ''

The Sunday Times ''The Sunday Times'' is a British Sunday newspaper whose circulation makes it the largest in Britain's quality press market category. It was founded in 1821 as ''The New Observer''. It is published by Times Newspapers Ltd, a subsidiary of N ...

'' reported on 26 September 2021, that the company was conducting urgent talks with

HM Revenue and Customs His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC, and formerly Her Majesty's Revenue and Customs) is a department of the UK government responsible for the collection of taxes, the payment of some forms of stat ...

to prevent it from collapse. The company reached an agreement with HM Revenue and Customs on 29 September 2021.

Operations

Power plants

Essar Energy has an installed power generation capacity of 3,910 MW across six

plants Plants are the eukaryotes that form the kingdom Plantae; they are predominantly photosynthetic. This means that they obtain their energy from sunlight, using chloroplasts derived from endosymbiosis with cyanobacteria to produce sugars f ...

. * 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. * 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. * Essar Bhander Power Plant, Hazira, Gujarat. It is a 500 MW (1×500 MW) gas-based thermal power plant. The plant is fully functional. * 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 Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

. It is an 85 MW (1×85 MW) thermal power plant. The plant is fully functional. * 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 Reliance Petroleum. Essar Oil also owns and operates Essar Refinery, a petroleum refinery at Vadinar in Gujarat's

Jamnagar district Jamnagar District is a district of Gujarat in Western India. Its headquarters are located in the eponymous city of Jamnagar. It hosts the production facilities of large Indian companies such as Reliance. Among its attractions are several palac ...

. It is India's second largest refinery, which has a capacity of 18 million metric tons per annum. The company holds both onshore and offshore petroleum

exploration Exploration is the process of exploring, an activity which has some Expectation (epistemic), expectation of Discovery (observation), discovery. Organised exploration is largely a human activity, but exploratory activity is common to most organis ...

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.

References

External links

Official site
{{Authority control Essar Group Electric power companies of Mauritius Oil companies of Mauritius Energy companies established in 1998 Non-renewable resource companies established in 1998 Companies formerly listed on the London Stock Exchange 2010 initial public offerings 2014 mergers and acquisitions Companies based in Port Louis 1988 establishments in Mauritius