The Ruias-controlled Essar Group’s business is racing on a highway. And it is an international highway this time quite literally as it signs a deal to construct roads in Myanmar.
“Essar is going to construct this project between Sitway in Myanmar and places in North Eastern States like Mizoram. It is going to be big boost for both the countries,” said T S Tirumurti, joint secretary at the Ministry of External Affairs.
“It has been done in a transparent manner and the project will be completed in three years and the countdown begins from today,’ said Pradeep Kumar, Member (Finance) at Inland Water Authority.
The Essar Group has recently expanded overseas especially in the energy sector and now even for the jetties and port sector.
“In Mayanmar we are already present in the oil and gas exploration business for last three years. We are also constructing a 260 kilometres pipeline in Madagascar and for the port and jetties business we are going to revamp the whole business and spreading our wings in other markets,” said V K Bhat, VP, Operations (Ports & Jetties).
From acquiring oil and gas assets including refineries in Africa and Europe to buying coal mines in the Americas and from raising funds in UK to bagging these projects in countries like Myanmar in Asia, Essar's focus is clearly on the overseas market. And with volatility in all the sectors and in all the markets, Essar's diversification plan looks like to lower the risk.
Read more at: http://beta.profit.ndtv.com/news/show/essar-bags-infrastructure-project-in-myanmar-45012?cp