Key Highlights
- Completed IPO to raise net proceeds of US$1.85 billion and entered FTSE 100
- 16 major growth projects under execution or advanced stages of development with over US$1.5 billion capex spent in H1 2010 (H1 2009: US$0.3 billion)
- Power
- Solid operating performance in line with expectations – 54% EBITDA margin (2009: 47%)
- All phase I power generation projects on schedule and budget – Vadinar P1 in final stages of commissioning
- Significant progress on phase II projects – share purchase agreement signed for 100% of Navabharat Power
- Financial tie-up for 9,670 MW out of 11,470MW
- Exploration and Production
- Signed contracts for four Indian coal bed methane blocks
- Over 10 tcf1 of coal bed methane resources in India
- Refining and Marketing
- Record throughput from Vadinar refinery and commenced processing Mangala crude
- Refinery phase 1 expansion progressing well
- Gasoline prices de-regulated in India
- Mr P Sampath appointed as Chief Financial Officer of Essar Energy effective from 1 September 2010
