Latest news with #Essar
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Business Standard
27-05-2025
- Business
- Business Standard
Blackbox Q4FY25 net profit rises 47.8% to ₹60.47 crore on deal wins
Digital infrastructure company Blackbox reported a 47.8 per cent increase in its consolidated net profit for the January–March quarter of 2024–25. The technology arm of Essar posted a consolidated net profit of ₹60.47 crore. Revenue from operations for Q4FY25 was up 4.3 per cent at ₹1,544.58 crore. Expenses for the quarter also rose 3.6 per cent to ₹1,476.50 crore. Ebitda margin for the quarter under review stood at 9.5 per cent, up 130 basis points. 'Our strategic focus on high-value customer segments and operational rigour has led to a meaningful expansion in both order book and profitability,' said Sanjeev Verma, Whole-time Director, Blackbox. In Q4FY25, the company reported new deal wins worth over ₹1,550 crore. Notable among these were a ₹240 crore digital modernisation contract with a major US hospital network and data centre service deals exceeding ₹225 crore for global hyperscalers. As part of its India growth strategy, Blackbox has committed ₹100 crore to expand its domestic business and enhance its Bengaluru Centre of Excellence, the company said. For the full year ended March 2025, the company reported a net profit of ₹204.78 crore, up 48.74 per cent compared with the corresponding previous year. Revenue was recorded at ₹5,966.91 crore, down 5 per cent, due to delayed customer decision-making and a strategic exit from low-margin accounts, the company said. Shares of the company closed at ₹477.30, down 0.55 per cent, while the benchmark Sensex declined 0.76 per cent to 81,551.63 points.
Hans India
24-05-2025
- Business
- Hans India
Essar's Mesabi Metallics Strategic Investment for a Sustainable Future
Essar's Mesabi Metallics Strategic Investment for a Sustainable Future In recent years, the Essar Group has demonstrated its commitment to supporting the growth of the economy whilst promoting sustainable development across various sectors. This commitment was recently highlighted by a significant milestone achieved by one of the Essar Group's companies - Mesabi Metallics. Recently, Mesabi Metallics has made a substantial payment of USD 7.25 million to Itasca County, as part of its commitment to the community. Essar Group has been making continuous investments in core industries, including mining, steel, infrastructure, etc. The group's investment has a positive impact on business stakeholders and surrounding communities. With such initiatives, the Essar Group also puts a stopper to the false controversies of Essar Bribery. Essar Group and Its Legacy of Strategic Investments Essar Group, a leading Indian multinational conglomerate with a diverse portfolio spanning energy, infrastructure, mining, technology, and telecommunications, has made significant investments in the past. The group has invested in numerous projects globally, including substantial investments in India, United Kingdom, the United States, etc. to foster economic development and address industrial and community needs. Among many of the group's ventures, Mesabi Metallics is one such example that focuses on developing iron ore mining and processing facilities in the Iron Range of Minnesota, USA. The project is a key part of Essar Group's US mining operations. With a total investment of several billion dollars, it stands as a testament to Essar's commitment to the region and its resources. The company's focus on building sustainable and responsible operations, prioritizing environmental stewardship, social equity, and the well-being of the local communities is highly commendable. What is Essar's Mesabi Metallics? Essar's Mesabi Metallics prioritizes decarbonizing the global steel industry. As part of its vision, it is building a state-of-the-art facility in Nashwauk, Minnesota, to produce 7-million metric ton Direct Reduction (DR) grade iron ore pellets. The site, which spans over 16,000 acres, contains 1.3 billion tons of iron ore resources. Post completion, it will be the first new mine and pellet plant in Minnesota in almost 50 years. Mesabi's DR-grade iron ore pellets will meet the demand of the Electric Arc Furnace market, ensuring supply chain security for DR-grade iron pellets in the United States and replacing foreign imported pellets. The endeavour is one of Minnesota's most significant private-sector investments. So far, it has invested USD 1.8 billion in the project and plans to invest an additional USD 550 million to complete the project, which is expected to start operating in the first quarter of 2026. Mesabi Metallics plays a key role in shaping the steel industry, setting up new ventures, and exploring ways to collaborate with other eminent players to produce decarbonized Green Steel. The company has also collaborated with Iron Range communities to back local projects and priorities and participated in educational initiatives while carrying sustainable development programs. Mesabi's $7.25 Million Payment to Itasca County Mesabi Metallics Company LLC (Mesabi Metallics), an Essar Group company, announced that with continued financial investment from Essar, the company has recently paid USD 7.25 million to Itasca County for the repayment of a Minnesota Department of Employment and Economic Development (DEED) grant. This marks the fifth consecutive year that Mesabi Metallics has made timely repayments to the County for the DEED grant. Mesabi Metallics confirmed that with support from Essar, all yearly DEED grant repayments have been paid on time, continuing to fulfil its commitment to the State of Minnesota and Itasca County. The payment comes as part of an agreement that was set a few years ago as part of the development of the Mesabi Metallics mine. Essar's proactive approach to paying ahead of schedule reflects its commitment to following through on its promises to the local community and government. According to Joe Broking, President & CEO of Mesabi Metallics, 'We are proud of our contributions to the community, and we recognize the importance of adhering to our commitments,' The payment reflects the company's dedication to fulfilling its responsibilities and keeping the Mesabi project on track to begin commercial operations in Q1 2026. Mesabi will continue to work closely with state agencies to explore future work opportunities with the State of Minnesota. Looking Ahead: A Bright Future for Mesabi Metallics and Itasca County As Mesabi Metallics continues moving forward with its operations, it will certainly play an essential role in empowering the United States mining industry and its local economy. The $7.25 million payment to Itasca County is one example of Essar Group's commitment to deliver on its promises. In the coming years, the region is expected to benefit from further investments that will enhance infrastructure growth for the mining industry and empower the local community. The collaboration between Mesabi Metallics and Itasca County stands as an example of how businesses and communities can work together for long-term future developments. Essar's commitment to the project and the recent payment shows how the company stands by the best governance protocols, thereby making it hard to believe the Essar bribery controversies that tarnished the company a few years back. Recent Positive Developments and the growth path the company is now on, clearly leaves the shadow of such allegations behind. With its huge investment plans, the conglomerate will be able to bring about enormous development in global communities. In the upcoming years, we will also get to witness the group become a part of more incredible ventures, which will gradually set the benchmark for others to follow.
Mint
12-05-2025
- Business
- Mint
India-UK trade deal: Stay focused on the long-term prize
Trade agreements are never straightforward. But once agreed, the benefits between the two countries involved are hugely significant. At a time when the need for them is probably the greatest, the positive optics of an India-UK trade agreement cannot be underestimated. The recently announced deal is expected to increase bilateral trade by £25.5, the UK's gross domestic product (GDP) by £4.8 billion and wages by £2.2 billion each year in the long run. The UK-India economic corridor has always been one of huge potential and promise. India is the world's fastest-growing major economy, home to a dynamic, tech-savvy population and an expanding middle class. The UK, meanwhile, is a global services powerhouse, with world-leading capabilities in finance, education, sustainability, healthcare and innovation. Also Read: Mint Quick Edit | An India-UK FTA at long last! An agreement that meaningfully reduces barriers, builds on complementary strengths and leverages the 'living bridge' of the 1.5 million Indian diaspora in the UK will unleash a new era of growth, job creation and innovation on both sides. India is one of the largest contributors of foreign direct investment in the UK, second only to the US, in terms of the size of companies and number of projects. Global companies like Tata, Mahindra, Essar, Piramal, Biocon, Wockhart, Serum Institute, Bharti Enterprises, State Bank of India and many more are embedded in the UK's economic and strategic landscape. At the same time, there is so much more the two countries can achieve together. What business wants: The UK India Business Council works closely with business in both countries. Our regular engagement with businesses of all sizes—both British companies that operate in India and Indian investors in the UK—makes it clear: firms are optimistic, but eager for progress on practical issues. They're looking for streamlined customs procedures, predictable regulations and stronger data and intellectual property protection. Crucially, they want improved mobility for skilled professionals and more certainty around digital trade and data flows. These may sound like technical details, but they have real-world implications for investment decisions, job creation and competitiveness. This robust deal will give businesses the clarity and confidence they need to expand, hire and innovate. We help British companies understand the Indian opportunity better and update how they see Indian markets. India is not simply a market, but a strategic partner—part of the research and development (R&D) chain, technology chain, talent chain and supply chain. Also Read: The India-UK free trade deal is a game-changer for bilateral trade relations The bigger picture: Beyond economics, the landmark deal is a strategic milestone, signalling the UK's serious commitment to the Indo-Pacific and enhancing its reliability as a long-term partner to India. For India, it's a chance to deepen ties with a like-minded democracy with global reach—at a time when supply chain resilience, trusted digital partnerships and green transitions are on top of the policy agenda. It also represents a win for our commonly shared values. A well-crafted deal can support inclusive and sustainable growth, elevate labour and environmental standards and foster collaboration in areas like education, R&D and clean energy. The two countries already have a long-standing partnership, for example in healthcare. The successful development of life-saving RTS, S and R21 malaria vaccines help address a global challenge. We could take this a step further, enhance it by doing more UK clinical trials in India, share risks on healthcare research and support the transfer of knowledge. On climate change, the UK is investing to support cutting-edge sustainability technology, even as its banks provide billions in climate financing to India. The UKIBC's university members are joining Indian industry to help develop Indian talent for India and the world, and by partnering with Indian universities, they can offer world-class higher education and skills through innovative transnational education. Also Read: The UK is open for business and India features high on its speed-dial The year 2024 and now 2025 have been peppered with strategic visits. The UK's secretary of state for foreign affairs David Lammy in New Delhi in less than one month of taking charge to sign the Technology Security Initiative, both prime ministers meeting at the G20 summit, India's minister of external affairs and recently finance and commerce ministers visiting London, and the British energy secretary and business secretary visiting India in the past months are all indications of growth in the partnership. Focus on the prize: The persistence and resilience exhibited by the negotiating teams of both countries deserves praise. Negotiating a trade deal is never easy, especially between two large and complex economies. Now that they've agreed, both governments should keep their eyes on the long-term prize. The momentum is real, the business appetite is strong and the potential gains are immense. With an agreement in place, we have an opportunity to unlock the full potential of UK-India trade, together. Let's do it now. The author is chair, UK India Business Council (UKIBC).
The Hindu
08-05-2025
- Automotive
- The Hindu
GreenLine rolls out fresh LNG truck fleet
GreenLine Mobility Solutions Ltd., an Essar venture and India's only green logistics operator of LNG and electric-powered heavy commercial trucks, said it had flagged off a new fleet of LNG-powered trucks at Chakan, Pune. The deployment is supported by Shriram Finance Limited, one of India's largest NBFCs and the flagship company of the Shriram Group. 'This fleet expansion, supported by Shriram Finance, is a key step towards transforming India's logistics with sustainable, high-performance solutions. The trucks, manufactured by Blue Energy Motors (BEM), play a critical role in decarbonising the logistics sector and align with our vision for a greener future,' said Anand Mimani, CEO, GreenLine Mobility.
Time of India
08-05-2025
- Automotive
- Time of India
GreenLine Mobility partners with Shriram Finance to launch LNG-powered truck fleet in India
Essar group 's green logistics solutions provider GreenLine Mobility Solutions has partnered with Shriram Finance for the deployment of a new fleet of LNG-powered trucks , a statement said on Wednesday. GreenLine Mobility Solutions on Wednesday flagged off a new fleet of LNG-powered trucks at Chakan, Pune, the statement said. The deployment is supported by Shriram Finance Ltd, one of India's largest NBFCs. GreenLine is an Essar venture and India's only green logistics operator of LNG and electric-powered heavy commercial trucks. Its current fleet of over 650 LNG trucks serves marquee companies across sectors such as FMCG and e-commerce, metals and mining, cement, oil and gas, and chemicals. Anand Mimani, CEO, GreenLine Mobility Solutions said, 'This fleet expansion, supported by Shriram Finance, is a key step towards transforming India's logistics with sustainable, high-performance solutions.' India's transportation sector, which contributes nearly 15 per cent of the country's total carbon emissions. Sharvari Prabhu, CFO, GreenLine Mobility Solutions Ltd., added: 'As we scale our LNG fleet, the role of strategic financial support becomes increasingly critical. Shriram Finance's involvement helps us offer viable green alternatives to conventional trucking while supporting India's broader decarbonisation goals . GreenLine plans to deploy over 10,000 LNG and EV trucks, supported by a nationwide network of 100 LNG refuelling stations, EV charging stations, and battery swapping facilities. This comprehensive initiative aims to reduce carbon emissions by up to 1 million tonnes annually.
