Essar Energy
{{Short description|Indian Energy Company}}
{{Use dmy dates|date=April 2020}}
{{Infobox company
| name = Essar Energy plc
| logo = Essarenergy.png
| logo_size = 200px
| type = Subsidiary
| founded = 1998
| location = Port Louis, Mauritius
| key_people = Prashant Ruia (Chairman and Non- Executive Director), S Thangapandian (Chief Executive Officer), Simon Murray CBE (Vice Chairman)
| industry = Oil and gas, Energy
| products = refined petroleum products, electricity
| revenue = US$27,257.7 million (2013){{Cite web |url=http://www.essarenergy.com/media/41275/essar_ar_2013.pdf |title=Annual Report 2013 |access-date=17 March 2014 |archive-url=https://web.archive.org/web/20131030222925/http://www.essarenergy.com/media/41275/essar_ar_2013.pdf |archive-date=30 October 2013 |url-status=dead }}
| operating_income=US$790.8 million (2013)
| net_income = US$(175.0) million (2013)
| num_employees =
| parent = Essar Group
| subsid = Essar Oil
| homepage =
| caption =
}}
Essar Energy plc is Mauritius-based Indian energy company with assets in the power and oil and gas businesses. Headquartered in Port Louis, Mauritius and subsidiary of Essar Group, the firm has interests in both the power generation and petroleum industries. In May 2014 the company was acquired by its majority shareholder, Essar Global Fund Limited.
History
Established in 1998 as a wholly owned business unit of the Essar Group conglomerate,{{Cite web |url=http://www.essarenergy.com/images/Prospectus.pdf |title=Essar Energy: Prospectus |access-date=20 June 2010 |archive-url=https://web.archive.org/web/20120308105452/http://www.essarenergy.com/images/Prospectus.pdf |archive-date=8 March 2012 |url-status=dead }} the business was floated on the London Stock Exchange in April 2010, marking the exchange's largest initial public offering since December 2007.{{Cite news|last=Kumar|first=Nikhil|title=Essar suffers worst IPO in eight years|url=https://www.independent.co.uk/news/business/news/essar-suffers-worst-ipo-in-eight-years-1962479.html|access-date=20 June 2010|newspaper=The Independent|date=5 May 2010}} The company was added to the FTSE 100 Index at the subsequent quarterly review. Essar Global Fund Limited retained an approximate 76% stake in Essar Energy.{{cite web|title=Notification of major interest in shares|url=http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20100511:nRSK7379La|publisher=Essar Energy|access-date=20 June 2010|page=11 May 2010|archive-date=15 July 2011|archive-url=https://web.archive.org/web/20110715175251/http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20100511:nRSK7379La|url-status=dead}} The lead underwriters to the initial public offering were JPMorgan Chase and Deutsche Bank. The primary offering raised £1.3bn. Ravi Ruia, the Chairman, and Sanjay Mehta, a senior board member of Essar Global Limited, were identified in an Economic Times of India article as instrumental in the listing.[http://economictimes.indiatimes.com/Corporate-Trends/Essars-RaviRuia-relocates-to-london-to-raise-3bn/articleshow/5753230.cms Essar's Ravi Ruia relocates to London; to raise $3bn]
Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan government{{Citation| url = http://www.oilreviewafrica.com/downstream/downstream/essar-energy-to-sell-mombasa-refinery-stake| title= Essar Energy to sell Mombasa refinery stake| year = 2013| publisher = Oil Review Africa| publication-place = International}} and, in May 2014, the company was acquired by its majority shareholder, Essar Global Fund Limited.{{cite web|url=https://www.reuters.com/article/us-essarenergy-offer-idUSBREA480LX20140509|title=Ruias win shareholder approval to buy Essar Energy|date=9 May 2014|work=Reuters|access-date=24 June 2014}}
The Sunday Times reported on 26 September 2021, that the company was conducting urgent talks with HM Revenue and Customs to prevent it from collapse.{{cite news|url=https://www.thetimes.com/business-money/money/article/fuel-giant-on-the-brink-of-collapse-k9f9zxbr5 |title=Petrol giant Essar on brink of collapse|newspaper=The Sunday Times|date= 26 September 2021|access-date= 26 September 2021}} The company reached an agreement with HM Revenue and Customs on 29 September 2021.{{cite news|url=https://www.offshore-technology.com/news/uk-phased-tax-deal-essar/|title=UK reaches phased tax payment deal with Essar as fuel panic persists|date=29 September 2022|publisher=Offshore Technology}}
Operations
=Power plants=
Essar Energy has an installed power generation capacity of 3,910 MW across six plants.{{cite web |url=http://www.essarenergy.com/operations/power.aspx |title=Power |publisher=Essar Energy |access-date=2014-03-20 |archive-url=https://web.archive.org/web/20140908062217/http://essarenergy.com/operations/power.aspx |archive-date=8 September 2014 |url-status=dead }}
- Essar Hazira Power Plant, Hazira, Gujarat. It is a 515 MW (1×215, 1×300 MW) gas-based thermal power plant. The plant is fully functional.
- Essar Vadinar Power Plant, Vadinar, Gujarat. It is a 1,010 MW (1×120, 1×380 MW, 1×510 MW) captive thermal power plant. The plant is fully functional.
- Essar Bhander Power Plant, Hazira, Gujarat. It is a 500 MW (1×500 MW) gas-based thermal power plant. The plant is fully functional.
- Essar Salaya Power Plant, Salaya, Gujarat. It is a 1200 MW (2×600 MW) coal-based thermal power plant. The plant is fully functional.
- Essar Algoma Power Plant, Algoma, Ontario, Canada. It is an 85 MW (1×85 MW) thermal power plant. The plant is fully functional.
- Essar Mahan Power Plant, Mahan, Singrauli district Madhya Pradesh. It is a 1,200 MW (2×600 MW) coal-based thermal power plant. One unit is functional.
- Essar Hazira-2 Power Plant, Hazira, Gujarat. It is a 270 MW (1×135 MW) thermal power plant. This plant is yet to become operational.
- Essar Tori Power Plant, Tori, Jharkhand. It is an 1,800 MW (3×600 MW) coal-based thermal power plant. This plant is yet to become operational.
- Essar Paradip Power Plant, Paradip, Odisha. It is a 120 MW (4×30 MW) coal-based thermal power plant. This plant is yet to become operational.
=Petroleum=
File:Essar Petrol Bunk 31102016.jpg
The company has an 86% interest in a joint venture with Reliance Petroleum.{{Cite news|last=Eluvangal|first=Sreejiraj|title=Essar Energy invests $225 million in Essar Oil|url=https://www.dnaindia.com/business/report-essar-energy-invests-225-million-in-essar-oil-1390864|access-date=12 March 2021|newspaper=DNA|date=2 June 2010}} Essar Oil also owns and operates Essar Refinery, a petroleum refinery at Vadinar in Gujarat's Jamnagar district. It is India's second largest refinery, which has a capacity of 18 million metric tons per annum.{{Cite news|title=Essar Energy to be listed on London's FTSE 100|url=https://www.thehindu.com/business/companies/Essar-Energy-to-be-listed-on-Londons-FTSE-100/article16242482.ece|access-date=12 March 2021|newspaper=The Hindu|date=10 June 2010}}
The company holds both onshore and offshore petroleum exploration and production rights in India, as well as rights to a coalbed methane block. The firm also holds exploration and production interests in Nigeria, Vietnam, Australia, Indonesia, and Madagascar. In June 2012 Essar Energy received the final forest approval for developing a coal mine in Indonesia.{{cite news| url= http://www.thehindubusinessline.com/companies/article3505566.ece| title= Essar Energy gets final nod to develop coal mine |work=Business Line| date=8 June 2012}}
References
{{reflist}}
External links
- [https://web.archive.org/web/20170414080738/http://www.essarenergy.com/ Official site]
{{Essar Group}}
{{Energy in the United Kingdom|companies}}
{{Authority control}}
Category:Electric power companies of Mauritius
Category:Oil companies of Mauritius
Category:Energy companies established in 1998
Category:Non-renewable resource companies established in 1998
Category:Companies formerly listed on the London Stock Exchange
Category:2010 initial public offerings
Category:2014 mergers and acquisitions