Latest news with #EssarGroup
Mint
27-05-2025
- Business
- Mint
Black Box Q4 profit up 47 pc to ₹60.4 cr; revenue rises 4 pc
New Delhi, May 27 (PTI) Essar Group's IT arm Black Box has reported a 47.6 per cent year-on-year increase in consolidated net profit to ₹ 60.4 crore in the March-ended quarter. It had logged a net profit of ₹ 40.9 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing. Revenue from operations rose by 4.35 per cent to ₹ 1,544.8 crore for the quarter under review against ₹ 1,480.3 crore in Q4 FY24. During the January-March quarter, Black Box reported new deal wins worth over ₹ 1,550 crore. The new deal wins include a ₹ 240-crore order for a large-scale infrastructure modernisation initiative with one of the US' largest hospital networks. Additionally, Black Box said it has secured over ₹ 225 crore in data centre service contracts with major global hyperscalers. The company also expanded its footprint in the transportation sector, winning over ₹ 130 crore in new orders for airport modernisation projects. For the full fiscal 2024-25, Black Box posted a profit of ₹ 204.7 crore, a growth of 48.7 per cent over the previous fiscal's ₹ 137.6 crore. Revenue from operations, however, fell 5 per cent in FY25, moderated primarily due to delayed customer decision-making and a planned exit from low-margin accounts. The company secured two major Indian contracts totalling ₹ 180 crore during the year for telecom and municipal infrastructure development, according to a company statement. Looking forward, Black Box expects that its revamped go-to-market approach and improved pipeline execution will fuel revenue growth beginning in the second quarter of fiscal year 2026. "With strong ROE, a robust pipeline, and healthy cash reserves, we remain confident in delivering on our financial performance guidance for FY26," Deepak Kumar Bansal, Executive Director and Global CFO, said. Black Box has earmarked about ₹ 100 crore to fuel its India expansion, as it looks to more than double its India business in the next few years. A huge chunk of this investment -- which represents about a quarter of Black Box's recent ₹ 410 crore fundraising -- will be used to strengthen the firm's Center of Excellence in Bengaluru, where the company plans to double its workforce to about 1,000 employees over the next year. The company currently employs around 3,000 people worldwide.
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.
Time of India
05-05-2025
- Business
- Time of India
Black Box earmarks Rs 100 crore to ramp up India presence
New Delhi: Essar Group firm Black Box , a global digital infrastructure integrator, has earmarked about Rs 100 crore to fuel its India expansion, as it looks to more than double its India business in the next few years. A huge chunk of this investment -- which represents about a quarter of Black Box's recent Rs 410 crore fundraise -- will be used to strengthen the firm's Center of Excellence in Bengaluru, where the company plans to double its workforce to about 1,000 employees over the next year. The company currently employs around 3,000 people worldwide. "India's digital infrastructure is undergoing a fundamental rebuild. The next four to five years are hyper-active for us because we want to ensure we're deeply embedded in this transformation," said Sanjeev Verma, Whole-Time Director at Black Box. With India's data center capacity currently at just 800-900 megawatts -- roughly equivalent to a single hyperscaler in the US -- Black Box sees a compelling long-term opportunity, the company said in a statement. "Despite having four times the U.S. population, India's digital infrastructure is still in early stages of maturity. In the next three to four years, this will dramatically change," Verma said. Black Box, listed on the Indian stock exchanges, has operations spread across 35 countries, but its major business comes from the US. The company counts India as one of its most strategic markets globally. The company plans to leverage the expertise gained from working with hyperscale customers worldwide to serve Indian clients, aiming to become a dominant player in the Indian digital infrastructure space as the country accelerates its AI and cloud adoption . Black Box's India expansion strategy targets key sectors like public infrastructure, including transportation, logistics, airports, and public sector enterprises, which are increasingly adopting artificial intelligence to optimise operations and improve service delivery. The company has recently secured a five-year cybersecurity contract worth around Rs 100 crore with one of India's largest municipal corporations, covering digital security for 20,000 public sector employees. "As AI adoption grows across these sectors, it automatically drives demand for advanced, secure, and scalable digital infrastructure. This shift is paving a clear and expanding growth market for companies like Black Box that are positioned to deliver end-to-end digital solutions," Verma said.
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Business Standard
05-05-2025
- Business
- Business Standard
Essar Group firm Black Box earmarks Rs 100 cr to ramp up India presence
Essar Group firm Black Box, a global digital infrastructure integrator, has earmarked about Rs 100 crore to fuel its India expansion, as it looks to more than double its India business in the next few years. A huge chunk of this investment -- which represents about a quarter of Black Box's recent Rs 410 crore fundraise -- will be used to strengthen the firm's Center of Excellence in Bengaluru, where the company plans to double its workforce to about 1,000 employees over the next year. The company currently employs around 3,000 people worldwide. "India's digital infrastructure is undergoing a fundamental rebuild. The next four to five years are hyper-active for us because we want to ensure we're deeply embedded in this transformation, said Sanjeev Verma, Whole-Time Director at Black Box. With India's data center capacity currently at just 800900 megawatts -- roughly equivalent to a single hyperscaler in the US -- Black Box sees a compelling long-term opportunity, the company said in a statement. "Despite having four times the US population, India's digital infrastructure is still in early stages of maturity. In the next three to four years, this will dramatically change," Verma said. Black Box, listed on the Indian stock exchanges, has operations spread across 35 countries, but its major business comes from the US. The company counts India as one of its most strategic markets globally. The company plans to leverage the expertise gained from working with hyperscale customers worldwide to serve Indian clients, aiming to become a dominant player in the Indian digital infrastructure space as the country accelerates its AI and cloud adoption. Black Box's India expansion strategy targets key sectors like public infrastructure, including transportation, logistics, airports, and public sector enterprises, which are increasingly adopting artificial intelligence to optimise operations and improve service delivery. The company has recently secured a five-year cybersecurity contract worth around Rs 100 crore with one of India's largest municipal corporations, covering digital security for 20,000 public sector employees. "As AI adoption grows across these sectors, it automatically drives demand for advanced, secure, and scalable digital infrastructure. This shift is paving a clear and expanding growth market for companies like Black Box that are positioned to deliver end-to-end digital solutions," Verma said.
Reuters
10-04-2025
- Automotive
- Reuters
India's GreenLine Mobility to invest $275 million to decarbonize heavy truck fleet
April 10 (Reuters) - India's GreenLine Mobility Solutions will invest $275 million to accelerate decarbonization of heavy trucks in the country, the company said on Thursday, in a move to cut logistics-related emissions and align its supply chain with sustainability goals. Companies in India, the world's third-largest emitter of greenhouse gases, are investing billions of dollars to help the country reach the net-zero emissions target by 2070. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. GreenLine, which is part of retail-to-mining Essar Group, said it will use the investment to deploy over 10,000 liquefied natural gas (LNG) and electric trucks. The Mumbai-based firm will also establish a nationwide network of 100 LNG refueling stations, EV charging stations and battery-swapping facilities. "We see this as an opportunity to not only build the green mobility ecosystem, but also, in the future, invest in clean energy sources to power our electric trucks," said Anshuman Ruia, director of Essar Group. GreenLine supplies LNG-fueled trucks to firms such as miner Hindustan Zinc ( opens new tab and battery maker Exide Industries ( opens new tab. GreenLine said its LNG-powered trucks cut carbon dioxide emissions by up to 30%. The firm currently operates a fleet of 650 LNG trucks and has covered more than 38 million kilometers so far, reducing these emissions by 10,000 tonnes.
