A Glimpse of Our January Journey

This month's 'Essar Essence Newsletter' brims with bold steps and ground-breaking initiatives, painting a vivid picture of a diversified conglomerate charging headfirst into a sustainable future. From multi-billion-dollar investments in green energy and steel to pioneering low-carbon refineries and nurturing grassroots talent, our relentless drive for progress stretches across continents and communities.

Here are the top 7 highlights of the month of January:?

1. Essar's billion-dollar investments in Energy Transition and Green Steel take center stage at Davos

In an interview with Business Standard, Mr. Prashant Ruia, Director of Essar Capital, shared the group's positive outlook, focusing on ESG, sustainability, and climate action. He highlighted Essar's investments, including $3.6 billion for energy transition projects in the UK and India, and the group’s efforts in creating sustainable ecosystems, emphasising hydrogen, green mobility, and green steel. He also expressed confidence in India as a preferred investment destination, highlighting political stability and ongoing economic reforms. However, he underlined the need for large-scale domestic risk capital and emphasised the importance of a supportive banking sector. Looking ahead, he expected the interim budget to focus on stability, regulatory mechanisms, and empowering banks for development projects.

2. India is at a sweet spot on the investment landscape – Prashant Ruia at the First Davos of Amrit Kaal

In an interview at Davos with Business Today, Mr. Prashant Ruia , Director of Essar Capital, shared a positive perspective on India's economic future. Mr. Ruia's insights highlighted robust economic levers, a favourable investment climate, and the government's focus on infrastructure. Delving into the resilience of Indian CEOs, he emphasized factors such as deleveraged balance sheets and opportunities in the green energy transition. Acknowledging the government's pivotal role, he unveiled Essar's investment plans in green energy, infrastructure, and green steel. With a global footprint, Essar, under his leadership, is poised for continued growth in India and beyond.

3. Essar shines at the 10th Vibrant Gujarat Global Summit

Essar, a stalwart in Gujarat's landscape, took the spotlight at the 10th Vibrant Gujarat Global Summit, celebrating two decades of success. With a legacy spanning over five decades, we showcased transformative investments exceeding ?1,00,000 crore, contributing significantly to the state's economy and generating over 20,000 jobs. The Essar pavilion, graced by luminaries including our Hon’ble PM, Shri Narendra Modi, witnessed our commitment to Gujarat's growth with a tech-oriented approach, featuring LED tunnels, 3D models, virtual reality experiences, and augmented reality cards. Furthermore, Essar's ambitious ?55,000 crore investment plan in energy transition, power, and ports in the state of Gujarat emphasizes its dedication to fostering sustainable businesses and boosting the state's economic landscape.

4. Essar Oil UK evolves into EET Fuels, pioneering low-carbon refinery and industrial decarbonization

Essar Oil UK has undergone a significant transformation, rebranding as EET Fuels, a crucial component of the Essar Energy Transition. This move aligns with EET's commitment to invest $3.6 billion in low-carbon energy transition projects, with $1.2 billion dedicated to EET Fuels' decarbonization initiatives. Positioned to become the UK's first low-carbon process refinery, EET Fuels aims to set a global benchmark for lower-emission refineries and industrial decarbonization, contributing to the UK Government's net zero goals with a targeted 95% reduction in emissions by 2030.

5. Essar Oil UK pioneers a low-carbon future with the Elessent Clean Technologies collaboration

Essar Oil UK is advancing its ground-breaking journey toward decarbonization by announcing Elessent Clean Technologies as the key licensor technology provider for the upcoming EET Industrial Carbon Capture facility at Stanlow, UK. This strategic move, integral to Essar's $1.2 billion investment in reducing refinery emissions by approximately 2 million tons of CO2, positions Essar Oil UK on the path to becoming the world's first low-carbon refinery and fuel producer.

The collaboration with Elessent Clean Technologies represents a significant milestone in the project's front-end engineering design phase, reinforcing Essar's leadership in shaping a low-carbon future.

6. Essar secures approval for the UK's largest low-carbon hydrogen project

Essar has achieved a significant milestone with the approval from Cheshire West and Chester Council for the HPP1 plant, a key component of the UK's largest low-carbon hydrogen project. Situated at the Stanlow Manufacturing Complex in Ellesmere Port, Cheshire, the HPP1 plant, coupled with HPP2, establishes a hydrogen hub designed to facilitate the transition of local industrial and power generation businesses towards low-carbon energy. The collective impact of this initiative is substantial, targeting a remarkable annual reduction of 2.5 million tons in the North West's carbon emissions, equivalent to removing 1.1 million cars from the roads.

This collaborative effort marks a significant leap from ambition to tangible impact, contributing not only to carbon reduction but also supporting vital industries, fostering job growth, and attracting substantial related investments.

7. Essar Foundation champions grassroots talent with the sponsorship of the 13th QPR South Mumbai Soccer Challenger 2023

Essar Foundation takes pride in supporting the 13th QPR South Mumbai Soccer Challenger 2023, reinforcing its commitment to nurturing grassroots talent. With the participation of 6,500 children showcasing their skills, this initiative reflects Essar's dedication to fostering sports at the grassroots level. Special thanks were extended to Milind Deora and QPR FC for their invaluable support, underscoring Essar's role in empowering young athletes and promoting community well-being.

Essar is moving ahead confidently to create a sustainable future, and its innovative efforts are making a positive impact worldwide. This is not just the story of a company pushing boundaries, but a collective journey towards a shared tomorrow where both global ambitions and local aspirations flourish.?