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Home > Media > Media releases

Essar Energy results for the half-year ended 30 June 2010

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August 19, 2010 Bookmark and Share  
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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

Click here for the complete press release

Mr Prashant Ruia, Vice-Chairman and Mr Naresh Nayyar, CEO of Essar Energy discuss the company’s half-yearly results.

 
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