Business
How Ruias are reinventing the Essar Group

For the last three years, the Mumbai headquartered Essar Group, founded by Shashi and Ravi Ruia, has deliberately kept a low profile. They were busy putting into action their deleveraging and monetisation strategy to free the group of all its debt and start on a clean state.
And they managed to do just that by monetising assets worth $25 bn by selling Essar Oil, Essar Steel, Essar Power and Essar Ports. Perhaps, for the first time in the country such huge debts have been paid off by a business house.
Leading from the front is the 54-year old Prashant Ruia, director, Essar Capital. He is working at a feverish pace to take the group to the next level. Between June 2022 and March 2023 the group made several big announcements. The group, it seems, is now approaching all its businesses with the mindset of a PE player.
According to sources, “The group has paid off 100% debt. Basically, the group has put in place the strategy of deleveraging and monetisation of assets, consolidation of operating companies, and getting into a new growth cycle.” And that is paying rich dividends.
Now with all debts paid, the mood at the Essar House is upbeat. The group has chalked up ambitious plans to be in the same areas where they have domain expertise. It will be Energy, Infrastructure & Logistics, Metals & Mining, and Technology & Retail.
To go with it, the group has identified three themes: Decarbonisation, Decentralisation and Digitisation. For instance, decarbonisation means the group wants to move away from fossil fuel to green fuel. To make this happen, Essar Oil UK, a 10 MTPA refinery acquired in 2011 which serves 16% of UK’s road fuel demand has entered into an agreement with Vertex Hydrogen. Vertex is part of Essar Energy Transition which is planning an investment of $3.6 bn in India ($1.2 bn) and the UK ($2.4 bn) to develop a range of low carbon energy transition projects which would include blue and green hydrogen, biofuels, battery storage, solar PV etc.
The investment in the UK will play a key role in supporting their government’s decarbonisation strategy.
Essar 2.0 sees the group focusing on transitioning existing assets to green businesses, while investing in creating new-age ESG-centric sustainable businesses.
Besides oil refineries and storage terminals in the UK, it has exploration and production facilities in Vietnam; Iron ore plant in USA, coal mine in Indonesia. It has entered into an agreement with Saudi Arabia to set up a 4 MTPA greenfield steel plant in Ras Al-Khair. In India, it has plans to set up 14 MTPA iron ore pellet plants close to Paradip port, Odisha and triple its CBM productions in West Bengal.
Essar Group which currently has a turnover of $15 bn and $1 bn profit will see most of its new initiatives becoming operational by December 2025 or early 2026. Looks like the second innings of the Ruias will be better than the first.
National
Big relief for Kunal Kamra as Bombay HC grants protection from arrest

Mumbai, April 25: In a major relief for stand-up comedian Kunal Kamra, the Bombay High Court on Friday granted him protection from arrest in connection with an FIR lodged over his satirical video and his controversial “gaddar” (traitor) remark aimed at Maharashtra Deputy Chief Minister Eknath Shinde.
The court directed the Mumbai Police not to take any coercive action against Kamra, who is currently residing in Chennai.
The FIR had been filed following the circulation of a video in which Kamra allegedly mocked Shinde and referred to him as a “gaddar,” sparking outrage among the Shiv Sena (Shinde faction) supporters.
While restraining the police from arresting the comedian, the court, however, allowed investigators to proceed with their inquiry.
It permitted the Mumbai Police to travel to Chennai to question Kamra, with the assistance of the local police.
The court said if the police file a charge sheet, the trial court should not proceed till the High Court decides the quashing petition filed by Kamra.
Kamra had filed a plea before the High Court seeking to quash the FIR filed against him.
Earlier on April 16, the High Court had granted him interim bail, which has now been made regular.
The FIR was filed at Khar police station following a complaint by Shiv Sena legislator Muraji Patel after Kamra, during a performance of his stand-up show Naya Bharat, allegedly referred to Shinde as a ‘gaddar’.
Kamra was initially granted interim anticipatory bail by the Madras High Court before he moved the Bombay High Court to seek quashing of the FIR and grant of regular bail.
The remark was purported as a reference to Shinde’s political defection from the Uddhav Thackeray-led Shiv Sena to join hands with the BJP, which led to a dramatic split in the party and the rise of a new ruling coalition MahaYuti.
Business
Demand for homes priced Rs 1 crore and above boosts market in India: Report

Mumbai, April 24: The demand for homes prices Rs 1 crore and above bolstered the Indian property market in the first quarter this year, preventing overall sales of 65,250 units from hard landing, a report said on Thursday.
Residential sales in Q1 2025 (January-March) experienced only a modest decline and added up to 65,246 units. This limited drop was primarily due to robust demand in the Rs 3-5 crore and Rs 1.5-3.0 crore segments, which helped counterbalance the slowdown in relatively affordable housing, according to a JLL report.
The steady growth in higher ticket size homes indicates increasing affluence among homebuyers, changing lifestyle preferences and buyers prioritising larger and premium properties.
According to the report, housing sales in India’s top seven cities continued to be dominated by Bengaluru, Mumbai, and Pune, which collectively accounted for 66 per cent of Q1 sales.
High concentration of MNCs and startups creating significant employment opportunities and ongoing infrastructure improvements make these cities increasingly attractive places to live and work.
It is interesting to note that over the last few quarters a significant share of quarterly sales volume has been contributed by projects launched during the same quarter.
Q1 2025 was no exception, with around one-fourth of its sales being contributed by quarterly new launches. Launches by reputed developers with assurance of timely delivery and steady price appreciation, are driving the trend, the report informed.
“The residential real estate market is showing signs of a shift in buyer preferences with lowering of demand for less than Rs 1 crore housing and a growing affinity for mid to high-end properties. This as well suggests a potential upward movement in the overall market dynamics,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
“This upswing in the higher-priced segment demand has shielded the overall housing sales from a sharper decline,” Das added.
Developers are focusing more on mid to high-end projects to align with current demand patterns. High-end housing sector experienced a steady upswing with 107 per cent year-on-year growth in launches of properties priced at Rs 1 crore and above, driven by strong sales in this segment.
Growth in launches despite economic uncertainties signals robust developer confidence in high-end housing demand, said the report, adding that 2025 is poised for robust growth in the residential sector demand.
Business
GreenLine flags off LNG truck fleet for Bekaert to drive sustainable logistics

Mumbai, April 24: GreenLine Mobility Solutions Ltd., an Essar venture and India’s only green logistics operator of LNG and electric-powered heavy commercial trucks, has partnered with Bekaert, a global leader in tire reinforcement technology, to decarbonise road logistics and support India’s vision of a gas-based economy.
The partnership was flagged off with the deployment of GreenLine’s LNG-powered trucks at Bekaert’s Ranjangaon Plant, marking the beginning of a pilot phase that aims to significantly reduce the carbon footprint of Bekaert’s logistics operations.
Each GreenLine LNG truck is expected to reduce up to 24 tonnes of CO₂ emissions annually, contributing to Bekaert’s ambition of becoming carbon net-zero by 2050 and achieving 65 per cent of sales from sustainable solutions.
Commenting on the partnership, Anand Mimani, CEO, GreenLine Mobility Solutions Ltd, said, “Our partnership with Bekaert demonstrates the growing commitment of forward-thinking corporates to drive sustainability at scale. At GreenLine, we are proud to offer not just green trucks, but an integrated ecosystem — from LNG refuelling to real-time telematics — that empowers our partners to make meaningful progress on their net-zero goals.”
Dinesh Mukhedkar, Procurement Operations Lead — South Asia and Procurement Global Shared Service Centre Lead, Bekaert, added, “As part of our purpose ‘Establishing the new possible,’ and our ambition to lead in safe, smart, and sustainable solutions, decarbonising logistics is an essential step. This directly supports our commitment to ESG principles and long-term sustainability goals.”
GreenLine’s expanding fleet of LNG-powered trucks has already clocked more than 40 million km, avoiding over 10,000 tonnes of CO₂ emissions. The company’s ongoing expansion includes plans to deploy over 10,000 LNG and EV trucks, supported by a nationwide network of 100 LNG refuelling stations, EV charging hubs, and battery swapping facilities — targeting a reduction of 1 million tonnes of carbon emissions annually.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra7 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra6 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra7 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News7 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime6 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra5 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News7 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface