 | |
| Company type | Subsidiary |
|---|---|
| Industry | Oil and gas,Energy |
| Founded | 1998 |
| Headquarters | Port Louis, Mauritius |
Key people | Prashant Ruia (Chairman and Non- Executive Director), S Thangapandian (Chief Executive Officer), Simon Murray CBE (Vice Chairman) |
| Products | refined petroleum products, electricity |
| Revenue | US$27,257.7 million (2013)[1] |
| US$790.8 million (2013)[1] | |
| US$(175.0) million (2013)[1] | |
| Parent | Essar Group |
| Subsidiaries | Essar Oil |
Essar Energy plc is Mauritius-based Indianenergy company with assets in the power and oil and gas businesses. Headquartered in Port Louis, Mauritius and subsidiary ofEssar Group, the firm has interests in both thepower generation andpetroleum industries. In May 2014 the company was acquired by its majority shareholder, Essar Global Fund Limited.
Established in 1998 as a wholly owned business unit of theEssar Groupconglomerate,[2] the business was floated on theLondon Stock Exchange in April 2010, marking the exchange's largestinitial public offering since December 2007.[3] The company was added to theFTSE 100 Index at the subsequent quarterly review. Essar Global Fund Limited retained an approximate 76% stake in Essar Energy.[4] The lead underwriters to the initial public offering wereJPMorgan Chase andDeutsche 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 anEconomic Times of India article as instrumental in the listing.[5]
Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan government[6] and, in May 2014, the company was acquired by its majority shareholder, Essar Global Fund Limited.[7]
The Sunday Times reported on 26 September 2021, that the company was conducting urgent talks withHM Revenue and Customs to prevent it from collapse.[8] The company reached an agreement with HM Revenue and Customs on 29 September 2021.[9]
Essar Energy has an installed power generation capacity of 3,910 MW across sixplants.[10]
The company has an 86% interest in a joint venture withReliance Petroleum.[11] Essar Oil also owns and operatesEssar Refinery, apetroleum refinery atVadinar inGujarat'sJamnagar district. It is India's second largest refinery, which has a capacity of 18 million metric tons per annum.[12]
The company holds both onshore and offshore petroleumexploration andproduction rights in India, as well as rights to acoalbed 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.[13]
