Mumbai, 6 February 2020: Essar Global Fund Ltd (EGFL) today announced the appointment of Mr. Arun Kumar Jain as Operating Partner of its Projects business, a key portfolio business of EGFL. He will be a member of the Board.
In the past five decades, Essar Projects has delivered mega projects worth over US $10 billion across various sectors, like Refineries, Tankages & Terminals, Petrochemicals & Fertilisers, Offshore & Subsea, Pipelines (Oil & Gas, Water, Iron Ore Slurry), Minerals & Metals, Power, Ports & Jetties, Airports, Buildings & Townships, Water Systems and Sewage Treatment Plants.
Until date, EGFL, through its investment manager, Essar Capital, has invested US $1 billion in Essar Projects.
Speaking on the appointment, Mr Prashant Ruia, Director-Essar Capital, said: “We are confident that Mr Jain’s experience and leadership track record, which is complemented by a team of highly skilled professionals, will help steer the performance of this vital EGFL portfolio company, thereby enhancing the overall value of our investment. I would like to extend him a warm welcome to the Essar Family.”
As the shareholders’ representative, Mr Jain will drive the strategic roadmap of the Projects business. He will monitor and review performance, as well as strive to mitigate the operational and financial risks associated with the business.
Prior to Essar, Mr Jain was associated with BHEL (Bharat Heavy Electrical Ltd). He has over 17 years’ experience in various leadership roles, having worked with companies, such as Bechtel and Fluor (India), where he was Managing Director for India business.
The genesis of Essar’s Projects business is synchronous with that of the Essar Group. Essar began as a construction company in 1969, working on various marine and offshore contracts, and became the first Indian company to lay offshore pipelines for ONGC in 1982. Essar Projects built strong EPC (Engineering, Procurement & Construction) capabilities, while offering unique, collaborative, end-to-end project delivery models. The experience of executing mega projects for Essar companies, providing post-commissioning assistance during early stages of operations and maintenance, and integrating the lessons learnt therein into the basic design and execution philosophy for all new projects—including those of external clients—helps Essar bring in an Owner’s Perspective to EPC delivery. With a footprint across India, Middle East, Europe, South-East Asia, Americas and also some of the challenging geographies of Africa and Australasia, the Projects business of Essar is now embarking upon a new journey. Essar Projects Mauritius Limited (EPML) has been recently incorporated to consolidate the business across geographies and align them with changing industry dynamics by harnessing EPCM (EPC Management) capabilities.
EGFL, on the other hand, is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy (comprising Exploration & Production, Refining & Marketing and Power businesses), Infrastructure (comprising Ports and Projects businesses), Metals & Minerals, Services (comprising Shipping and contract drilling services), and Technology (comprising Technology Solutions, Device Protection and Customer Experience businesses). EGFL invests long-term capital into the portfolio companies and holds near 100% stake in all its investments. EGFL invests with a sense of active ownership, which involves direct engagement with the management of the respective businesses. The portfolio companies have aggregate revenues of about USD 14 billion and employ over 7,000 people.