Indian conglomerate Essar plans regional hub in Saudi Arabia | Reuters
Indian conglomerate Essar Group plans to make Saudi Arabia a hub to drive its expansion locally and regionally, its chief executive Prashant Ruia said on Wednesday.
The group, built by brothers Shashi and Ravi Ruia, is setting up a 4 million metric tonnes per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia, benefiting from the Kingdom’s aim to become an electric vehicle manufacturing centre.
"Automotive will be large," Prashant Ruia told Reuters in an interview at the Future Investment Initiative (FII) conference in the Saudi capital. The group plans to open an office in Riyadh, he added.
"When you see the Vision 2030 and all of the projects which are currently being envisaged, it’s a big, big growth, which we see (boosting) demand for steel and we want to play a role."
Prashant is part of the second generation of the Ruia family that founded Essar.
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