Essar Group is on the verge of receiving final approvals to invest approximately $4.5 billion in constructing a low-carbon steel plant in Saudi Arabia, according to top official Prashant Ruia.
Once these approvals are secured, the conglomerate will commence the development of a 4 million tonne-per-year steel plant, complete with port facilities, at Ras Al-Khair in Saudi Arabia. “We still haven’t got all the final approvals,” said Ruia, director of Essar Capital, which manages the group’s investment portfolio, in an interview. The new plant aims to meet the domestic steel demand in Saudi Arabia.