China to be Essar's sourcing base
Global Supplies (UAE) FZE, a subsidiary of Essar Global Limited (EGL) today announced the setting up of a new office in Beijing as a mega sourcing base, importing capital goods worth a whopping five billion US dollars in the next three years.
By PTI |
BEIJING:Global Supplies (UAE) FZE, a subsidiary of Essar Global Limited (EGL) today announced the setting up of a new office in Beijing as a mega sourcing base, importing capital goods worth a whopping five billion US dollars in the next three years.
"We will use our office in Beijing to be a global sourcing base to procure capital goods required for our steel, energy, power, communications, shipping, telecommunications and construction businesses," Chairman, Essar Global, Shashi Ruia told PTI here.
The Essar Group has finalised an investment plan of over 16 billion US dollars over the next four years in capacity enhancement and technological upgrades in its steel, energy, power, communications, shipping, telecommunications and construction businesses, he said.
The requirement of capital goods for the execution of these mega projects is expected to be over 11 billion US dollars.
"Over the next three years, Essar plans to procure over five billion US dollars worth of capital goods from China," Ruia said.
Essar Power Holdings Limited is expanding its capacity from the present 1200 MW to 4800 MW for which two billion US dollars worth of capital equipment is required.
Essar Energy Holdings Limited plans to expand its capacity from 10.50 MPTA to 32 MPTA which will require two billion US dollars worth of capital machinery.
The rest one billion US dollars worth of capital equipment from China is required for Essar Steel Holdings Limited which is expanding its capacity from 8.6 MPTA to 23.5 MPTA.
"We will use our office in Beijing to be a global sourcing base to procure capital goods required for our steel, energy, power, communications, shipping, telecommunications and construction businesses," Chairman, Essar Global, Shashi Ruia told PTI here.
The Essar Group has finalised an investment plan of over 16 billion US dollars over the next four years in capacity enhancement and technological upgrades in its steel, energy, power, communications, shipping, telecommunications and construction businesses, he said.
The requirement of capital goods for the execution of these mega projects is expected to be over 11 billion US dollars.
"Over the next three years, Essar plans to procure over five billion US dollars worth of capital goods from China," Ruia said.
Essar Power Holdings Limited is expanding its capacity from the present 1200 MW to 4800 MW for which two billion US dollars worth of capital equipment is required.
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Essar Energy Holdings Limited plans to expand its capacity from 10.50 MPTA to 32 MPTA which will require two billion US dollars worth of capital machinery.
The rest one billion US dollars worth of capital equipment from China is required for Essar Steel Holdings Limited which is expanding its capacity from 8.6 MPTA to 23.5 MPTA.
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