A Glimpse of Our February Month

This month's Essar updates bring forth an exciting chapter in the conglomerate's journey, marked by ambitious plans and substantial investments in ground-breaking initiatives. Among these strategic moves are the creation of one of the world's largest low-carbon hydrogen plants, pioneering the world's first green refinery, and a substantial financial commitment to an LNG and electric ecosystem aimed at the decarbonization of heavy trucks.

Here are the top eight highlights of the month of February:

1. Essar unveils a blueprint for a green economy at India Energy Week 2024

Essar is embarking on a new growth phase, committing significant investments to establish ground-breaking initiatives. At the recently held India Energy Week 2024, Mr. Prashant Ruia , Director at Essar Capital, revealed plans for building one of the world's largest low-carbon hydrogen plants, the world's first green refinery, and the development of an LNG and electric ecosystem to decarbonize long-haul heavy trucks. This strategic move aligns with our core themes of decarbonization, decentralization, and digitalization, contributing to India's emergence as a global economic force. The group's commitment to sustainable growth reaffirms its pivotal role in shaping a greener future, aligning with India's energy transition vision.

2. EOGEPL aims for a 5% share in India's Gas Production

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) is targeting a 5% share of India's cumulative gas production in the next five years. Mr. Prashant Ruia told businessline on the sidelines of the India Energy Week that as India emerges as the world's fastest-growing and third-largest economy, Essar is dedicated to fulfilling climate commitments and promoting green growth. At the forefront is EOGEPL, India's foremost player in the CBM sector, currently responsible for nearly 65% of the nation's total production. EOGEPL has a resource base of 12 TCF (Trillion Cubic Feet) coal bed methane, or CBM, and shale gas resources. It has, so far, invested more than Rs 5,000 crore in the exploration and commercial development of the Raniganj CBM Block.

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3. Essar's green vision shines bright at India Energy Week 2024

Essar took the spotlight at the India Energy Week 2024, unveiling its ambitious plans for a sustainable future. The event was inaugurated by Hon'ble PM, Shri Narendra Modi , where industry leaders came together to drive sustainable energy solutions. Essar's pavilion became a hub of innovation with a command center, 3D models, VR, AR, and LED displays.

Watch #EssarAtIEW & explore our #GreenBlueprint

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4. Essar Oil UK transforms into EET Fuels

Essar Oil (UK) Limited has rebranded as EET Fuels , marking a significant milestone in its journey to become the UK's first low-carbon refinery. The refinery, based at Stanlow on the River Mersey, is set to redefine industry standards for lower-emitting refineries and industrial decarbonization. EET Fuels is investing $1.2 billion in industrial decarbonization, aiming for a remarkable 95% reduction in carbon emissions from its production processes by 2030. This strategic move aligns with the UK's ambitions for energy transition, contributing substantially to the nation's plans to decarbonize industry. EET Fuels is a key player in Essar Energy Transition, investing $3.6 billion in low-carbon energy transition projects over the next five years, reinforcing its commitment to sustainability, and playing a pivotal role in the creation of the UK's leading energy transition hub in North West England.

5. EET Hydrogen advances the UK's low-carbon future with its flagship HPP1 plant

EET Hydrogen announces a significant step forward in its flagship HPP1 low-carbon hydrogen plant project with the signing of a statement of principles with the UK Government's Department for Energy Security and Net Zero . The agreement sets the stage for final negotiations, with construction expected to commence later this year. HPP1, with an initial capacity of 350MW, is poised to capture approximately 600,000 tonnes of CO2 annually, equivalent to removing 250,000 cars from the road. This milestone marks progress for EET Hydrogen and stands as a pivotal moment for the UK hydrogen industry and the HyNet Cluster, contributing significantly to the goal of developing 4GW of low-carbon hydrogen by 2030. The project will play a crucial role in decarbonizing industries in the North West, protecting jobs, and fostering economic growth.

6. Black Box Limited reports impressive financial performance in Q3FY’24

Black Box Limited, a leading player in the industry, has showcased robust financials for Q3FY'24. The company witnessed a remarkable 62% YoY surge in EBITDA, amounting to Rs. 116 crore. The quarter's Profit After Tax (PAT) stands at Rs. 41 crore, marking substantial 5.2x YoY growth. The revenue reported a 5% increase compared to the previous quarter, and deal wins exceeding US $50 million were secured. Despite challenges in decision-making leading to delays in new orders, Black Box Limited's operating performance has resulted in better profitability, showcasing resilience and positive outcomes.

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7. Greenline partners with JSW Cement in a sustainability drive to reduce Scope 3 Emissions

GreenLine collaborates with JSW Cement in a strategic move to address scope 3 emissions by deploying its LNG-powered trucks. This partnership signifies a joint effort to decarbonize heavy trucking, foster green mobility, and contribute to a sustainable, eco-friendly future.?

8. Essar's Fitness Funda: A spirited journey of unity, fun, and wellness!

Essar recently celebrated another round of Fitness Funda, where Essarites united for a session filled with high spirits, excitement, and lots of fun. The Essar family came together to conquer personal fitness goals, engaging in activities like single-leg holds, relay races, and more. This fitness saga at Essar became an epic journey of wellness, friendship, and fortitude, led by TYRO transformation coaches. Essarites, in unity, embraced the true sportsman spirit, making it a memorable event of camaraderie and well-being.

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Our commitment to a sustainable future resonates through dynamic initiatives across diverse sectors. The recently announced investments in green hydrogen, the world's first green refinery, and sustainable transportation advancements shed light on a key role as a catalyst in our journey towards energy transition. This journey stands not only as a demonstration of corporate innovation but also as a collective effort by us to realize a shared vision of a more sustainable and environmentally conscious future.