Essar awaits nod for $4.5-bn steel plant

New Delhi: Essar Group is awaiting final approvals to start investing about $4.5 billion in building a low-carbon steel plant in Saudi Arabia, its top official PrashantRuia said. The approvals are expected anytime now, after which the conglomerate will start working on the 4 million tonne per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia.

“We still haven’t got all the final approvals,”Ruia, director of Essar Capital, which manages the group’s portfolio of investments, said in an interview. The plant will meet domestic steel demand in Saudi Arabia.