International Ambitions of Essar The Essar group is looking to step up its global operations by entering the riskier but profitable markets of Africa, eastern Europe and the Middle East. In its core business of steel, the Essar group is also looking at a proposal to acquire an integrated steel plant in Eastern Europe. The group has also announced its intention of setting up Greenfield steel manufacturing operations in Sharjah, Qatar and Iran. It has plans to set up a 50-50 joint venture with state owned Qatar Steel Company for a 1.5 million ton steel plant along with a million ton steel rolling plant on the outskirts of Sharjah and another ton per annum steel plant in Iran, according to a recent Essar newsletter. Even the Indonesia branch of Essar, where the group runs a cold-rolling complex, is expected to look for Merger and Acquisitions (M&A) opportunities in the region.
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