Now that US President Donald Trump is starting the ‘Make in America’ schemes, India’s Essar Group is also investing an additional $ 65 million in its plant in Minnesota state. The group first invested $ 1.7 billion. Essar Group Director Prashant Ruia, in a telephone conversation with the World Economic Forum in Davos, Switzerland, told Dev Chatterjee that his company is hopeful about American and Indian markets. Major part
Will the Essar Group consider increasing its investment in America after the arrival of new administration in the US?
America is a special market for us and our investment shows our long -term commitment in this field. In Northern Minnesota, we are setting 70 million tonnes of iron ore mining and pelletization units per year where there are 1.3 billion tonnes of iron ore reserves of high category. This initiative is focused towards the more environmentally friendly, low carbon production of the US steel industry. Along with investing $ 1.7 billion so far and an additional investment of $ 65 million, we are creating more than 700 direct jobs in the US and contributing significantly to local economic development.
India’s goal is to become an economy of five million million dollars. What role are you watching the Essar group?
India’s development saga is really effective. Future opportunities are even bigger here. India not only has the ability to meet its large domestic consumption demand, but is also emerging as a major partner in the global supply chain. It can establish itself as China Plus One solution and meets the demands of developed economies. Our intention is to play an important role in this change by focusing on areas such as energy, metal and mining, infrastructure and technology.
What is the attitude towards India in Davos in view of various geopolitical developments and the new US President?
Davos is not just a conference. This is the platform of ideas that can change the world. India is getting a high place on this global stage with its transformative development saga and strong aspirations. I hope that negotiations will now move beyond theoretical deliberations to convert to solid and actionable strategies, which businesses can implement to promote development by facing global challenges.
Essar Group is investing billions of dollars in green energy in Britain and India. What are you doing to reduce the group’s environmental impact?
We are committed to creating an environmentally friendly future by investing in transformative green ecological systems. Our focus is to reduce industrial carbon through hydrogen and hydrogen -operated plants, to carry out green voice solutions to make carbon -free, carrying carbon from large trucks, promoting innovation in innovation in bi -fuel production of second generation and leading to the construction of green steel Are on being done.