A Glimpse of Our December Journey

Welcome to the final edition of 2023. In this month's newsletter, we invite you to witness the latest updates from Essar and developments that are shaping a future that is both progressive and inclusive. Explore our cutting-edge technologies that fuel our green ambitions, visionary partnerships that redefine regional horizons, and heart-warming stories of collective progress.

?1. Essar commits a Rs 55,000 crore investment in Gujarat across energy, power, and ports

Essar has inked three MoUs with the Government of Gujarat, totaling Rs 55,000 crore, focusing on strategic investments in energy transition, power, and ports. These initiatives are anticipated to generate over 10,000 job opportunities. Essar's longstanding investment history in Gujarat highlights the state's pivotal role in the company's growth journey. The agreements include a Rs 30,000 crore investment in developing 1 GW Green Hydrogen project, a Rs 16,000 crore investment in the power sector, and a Rs 10,000 crore transformation of Salaya Port into a logistics hub.

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2. Black Box, Essar's IT arm, aims to double revenue to $2 billion in 3 years

Black Box, Essar’s investment in the technology sector, aims to double its revenue to $2 billion within the next 3 years. Currently operating at an annual revenue run rate of around Rs 7,000 crore, the company is targeting a boost in its margin to 10% in the upcoming quarters. Black Box specialises in non-discretionary spending, providing critical digital infrastructure support globally. It views Bengaluru as a pivotal location for enhancing productivity and achieving its growth objectives. With a strategic shift, including the relocation of non-critical operations to Bengaluru and the recent opening of a centre of excellence in the city, Black Box plans to double its headcount within the next two years, anticipating enhanced productivity and overall margin improvement.

?3. Bridging legacy and innovation at Founders’ Day

Essar’s Founder’s Day recently unfolded in a spectacular 'Digi-Tech' celebration, seamlessly blending tradition with cutting-edge technology. Under the theme 'Digi-Tech,' the event commemorated Essar's 40-year journey, featuring vibrant displays, augmented reality, immersive tunnels, an AI photo booth, and the delightful presence of robots. The occasion also marked Shri Shashi Ruia's 80th birthday, celebrated with the launch of www.AManLikeNoOther.com and a special edition magazine titled 'Essence.' Additionally, long-serving Essarites were honoured at the Long Service Awards, recognising their dedication and contribution to the company's enduring legacy. This Founder's Day encapsulated Essar's commitment to innovation, unity, and the continuous pursuit of excellence, setting the stage for a future woven with technology and tradition.

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4. 2023 Recap - $15 billion in revenues, major investments, and green strides

Essar concluded 2023 with remarkable achievements, including $15 billion in revenues and $8 billion in assets, while maintaining a focus on reshaping industries for a cleaner future. Key highlights include the launch of the Energy Transition (EET) initiative, backed by a $3.6 billion investment, and investments in hydrogen, LNG, and green steel ecosystems. EOGEPL achieved record sales in Q1 FY'24, unlocking milestones in revenue and profit generation. As we step into 2024, we look forward to a year filled with green aspirations and sustainable energy endeavours.

5. Essar Family's Vibrant 2023 - A tapestry of unity, celebration, and achievements

From spirited fitness competitions to cultural extravaganzas like Ganeshotsav and Navratri, Essarites shared moments of joy and togetherness throughout 2023. Events such as the 41st Essar Chester Half Marathon, the Business Leadership Programme, and other diverse activities reflected the dynamic essence of the #EssarFamily. Into this New Year, Essarites are poised to carry forward the spirit of success and cultural richness. Here's to a new year filled with anticipation for more shared triumphs and memorable events!

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6. Essar Cares - A year of compassionate impact in 2023

In 2023, Essar took centre stage in community service, engaging at the grassroots level across various sectors such as healthcare, education, sports, women empowerment, livelihoods, entrepreneurship, and the environment. Noteworthy initiatives included empowering sporting aspirations, providing essential education equipment, assisting the underprivileged, and advocating for environmental sustainability. The impact of Essar Foundation is evident, empowering 585 lives through dialogues on menstruation hygiene, conducting tuberculosis screening in 25 villages, and initiating an anti-single-use plastic campaign.

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As we conclude the final edition of 'Essar Essence Newsletter’ for 2023, the echoes of innovation and impactful strides resonate throughout the narratives we've shared. Our dedication to progress has illuminated the path towards a brighter, more sustainable future. Whether propelling regional growth, leading the charge in clean energy, or celebrating collective triumphs, our enduring ethos is palpable. As we turn the page on this edition, we eagerly anticipate the unfolding of a future where our transformative endeavours continue to shape industries and contribute to a sustainable and prosperous world. Until next time!