A Glimpse of Our September Month

Welcome to the second edition of our monthly Newsletter. Each month, we're delighted to bring you closer to the dynamic world of Essar and its diverse array of portfolio companies. Here, you'll discover the exceptional strides we're making in various industries. So stay connected, stay informed!

These were the top 5 happenings of the month of September:

1. Essar's forward-thinking investments in clean energy?

In response to the global shift towards cleaner energy, Prashant Ruia, Director of Essar Capital, emphasised the need for transitioning towards sustainable businesses. Essar is considering green ventures in critical sectors like decarbonising their UK oil refinery, creating ecosystems around LNG, and establishing a green steel plant in Saudi Arabia. Guided by the investment themes of decarbonisation, decentralisation and digitisation, Essar is investing in technologies for the next two decades, anticipating a shift from fossil fuels to greener alternatives.

Our future plans involve investing $3.6 billion to decarbonise the Stanlow refinery in the UK and an additional $4 billion to establish a green steel plant in Saudi Arabia.

2. EET Hydrogen advances towards world-leading low-carbon hydrogen production

EET Hydrogen has commenced Front End Engineering & Design (FEED) for its HPP2 production project. The company is expected to be one of the largest hydrogen plants globally with a capacity of up to 1,000MW. This facility will annually produce around 230,000 tonnes of low-carbon hydrogen, catering to local industrial and power generation needs. Following the completion of FEED for the HPP1 (350MW capacity) in September 2021, it was chosen by the government as one of the initial large low-carbon hydrogen plants in the UK. HPP2's development will drive investment in infrastructure, enabling the transport and storage of hydrogen. This will encourage industries to transition to this eco-friendly fuel source, fostering the world's first low-carbon refining, glass, and chemicals manufacturing sites. Situated adjacent to the HPP1 plant, HPP2 will benefit from operational synergies, ensuring efficient use of resources.

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3. Essar’s Black Box gains 17 high-profile US clients

Our tech investment, Black Box, achieved a significant milestone in September 2023 with its Cybersecurity business unit, Cybalt, welcoming 17 prominent US clients, including a Fortune 500 company. Black Box stands as a cornerstone in Essar's tech and retail portfolio. This client expansion showcases its unwavering commitment to bolstering client security and its vision for a digitally secure future in the ever-evolving tech landscape. With a strong emphasis on innovation and comprehensive solutions, Black Box is poised to set new industry benchmarks and emerge as a leader in technology and communications.

4. Pioneering Green Steel in Saudi Arabia

Recently, we announced two pivotal partnerships that mark significant strides in our commitment to sustainable initiatives. Firstly, Essar and Desert Technologies, signed an MoU for developing renewable energy solutions and storage for Essar's Green Steel Arabia project. This MoU was executed at the G20 summit on September 11, 2023, in New Delhi, India.

Additionally, our partnership with Vale International underscores our dedication to sustainable steel production. This collaboration will supply 4 MT per annum of Iron Ore Agglomerates for the Green Steel Arabia project, solidifying our commitment to greener steelmaking.

Through LOI with Vale & Bahrain Steel, Essar has now secured 100% of the raw material supply of iron ore feed for its integrated steel plant project. These strategic moves reflect our pursuit of sustainability and mark a pivotal step forward in the industry.

5. Pankaj Kalra maps out strategic growth and technological advancements

?In a recent interview with Moneycontrol, Pankaj Kalra, CEO of EOGEPL, outlined our plans to invest Rs. 1,800 to Rs. 2,000 crore over the next two to three years in our flagship Raniganj block, aligning with India's push to increase domestic gas production.

He expressed optimism about competition in the Coalbed Methane (CBM) sector, believing it would drive up India's overall gas production, reducing import bills and making the Nation more self-reliant. Additionally, he anticipated a rise in energy prices during the winter season, with crude oil projected to be around $80-$85 per barrel and gas prices ranging from $9-$11 per metric million British thermal unit (mmBtu).

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As we embark on these transformative journeys in clean energy and technology, Essar remains committed to shaping a sustainable future. The strides we've taken in low-carbon hydrogen production, exploration of CBM, developing an LNG ecosystem, green steel manufacturing, and digital infrastructure solutions with Black Box, are emblematic of this dedication. These ventures underscore our belief in innovation and responsible business practices. As we move forward, Essar's focus on sustainable initiatives will continue to drive our progress, ensuring a brighter, more eco-conscious industrial landscape.