Since 1969, and over the last 50 years, Essar has been dedicated to developing the core sectors of the Indian economy through Greenfield and Brownfield investments. Essar promoters took a conscious decision to invest in these sectors and make India self-sufficient. They pioneered the private sector’s entry into capital intensive businesses and despite overwhelming odds, persisted to complete its committed investments.

Essar Global Fund Limited

EGFL is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy, Infrastructure (comprising Ports and EPC businesses), Metals & Mining, and Services (Shipping, IT and Retail businesses). EGFL invests long-term capital into the portfolio companies and holds near 100% stake in all its investments. The fund operates with a sense of active ownership, which involves direct engagement with the management of the respective businesses.

Investment Portfolio:  USD 18 billion

Aggregate revenues of portfolio companies: USD 12 billion

The key assets in EGFL’s portfolio are:



  • Stanlow refinery in United Kingdom (UK) supplies 16% of UK’s road transport fuel requirements

Oil & Gas Exploration & Production

  • 18 TCF coal bed methane (CBM) reserves & resources in India.
  • Has 700 mmboe of conventional resources


  • 3,830 MW of power generation capacity in India and Canada, further 1,260 MW under construction



  • India’s 2nd largest private port company with total capacity of 115 MTPA, targeting expansion to 162 MTPA


  • 50-year track record of handling over 100 large scale projects globally



  • 70 mn tonnes of coal reserves in Indonesia




  • 12 ships including VLCC, Mini-Capesize, Panamax and Supramax

Oilfield Services

  • 15 land rigs, 1 semi-submersible offshore rig


  • Global Solution Integrator providing Unified Communications, Data Center, Edge IT, Cyber Security (CYBER-i), Digital Transformation and Applications

Essar Capital Limited 

Essar Capital Limited (“Essar Capital”) is the investment manager for Essar Global Fund Limited (“EGFL”).

Essar Capital monitors and manages the entire portfolio of investments owned by EGFL. Essar Capital is governed by its board of directors. The responsibilities of Essar Capital as investment manager of EGFL include:

  • Implementing and managing investments and divestments
  • Monitoring performance of the portfolio
  • Preparing and delivering financial reports of EGFL
  • Implementing and overseeing appropriate policies and procedures

Essar Capital comprises professionals with extensive experience in investment, strategy, financing, M&A and consulting. The key professionals of Essar Capital are:

Vikash Saraf
With 25 years of experience in Investing, Strategy and M&A, Vikash has been associated with Essar for the past 17 years, taking on several senior roles. Previously, he has been an Independent Director on the board of Vodafone India Limited and the CEO of BPL Communications. Vikash is an alumnus of IIM Calcutta.

Dhanpat Nahata
With 20 years of experience in Strategy and M&A, Dhanpat has been associated with Essar for the past 17 years. In his current role, he led the USD 12.9-billion divestment of  Essar Oil Limited to Rosneft

Previously, Dhanpat was a Partner with Ernst & Young, India.

Madhu Vuppuluri

With 35 years of experience in Corporate Finance and Strategy, Madhu heads Essar Global Fund’s investments in North America. Previously, he has worked in senior roles with various portfolio companies of Essar, including as CEO of Essar Steel Minnesota.

Uday Gujadhur
With 30 years of experience in the fields of taxation, setting up of offshore businesses and consulting, Uday serves as a director on the boards of various companies in Mauritius and as the Chairman of International Fiscal Association’s Mauritius Branch.

Andrew Wright
With more than 20 years of experience, Andrew Wright is currently the Senior Risk Manager at Essar Capital. Andrew joined Essar in 2011. He completed his law degree from the University of Leeds.


We identify opportunities, build & nurture world-class assets, monetise it and re-invest, thereby constantly creating value for all. Here are a few big deals Essar Global entered into, creating immense value for our stakeholders.

In 1995, just months after mobile telephony in India was opened up to private participation, Essar became the first company to start GSM operations in Delhi under the brand name, Essar Cellphones and roped in Swiss PTT as a joint venture partner.

Essar acquired licenses for the telecom circles of Eastern UP, Rajasthan, Haryana and Punjab.

In 1999, the government announced a new telecom policy that was more conducive to growth. While Essar was keen on capitalising on the opportunities that the new policy afforded, Swiss PTT was contemplating an exit from its India operations as part of a wider pan-Asia strategy. Essar found a new partner in Hutchison to create a joint venture company that went about consolidating operations and acquiring more telecom circles.

In 2005, when the government came out with the unified licensing scheme, the JV started merging all the telecom circles. By 2006, all the circles were under one umbrella—Hutchison Essar Limited. Essar owned 33% stake in the consolidated entity. Independently, Essar had acquired licenses in seven circles, where Hutchison Essar did not have operations, as well as in four circles of BPL. Essar merged these circles into Hutchison Essar to create a sizeable telecom major.

In 2006, Hutchison, too, decided to exit India. Essar wanted to buy out Hutchison’s stake and tied up a line of credit of over US$11 billion. After a fierce round of bidding that involved several large corporations, Vodafone bought the Hutchison stake, which was valued at US$11.5 billion.

What started out with an initial investment of US$800 million had reached a valuation of US$18.8 billion in just six years. Hutchison Essar’s subscriber base, too, had grown from 1,50,000 to 28 million. Thus Essar was able to build one of the most valuable telecom companies in the world. The time was right for Essar to team up with its new JV partner, Vodafone, to take growth to the next level.

For the next five years, it continued to have a 33% stake in the JV. However, in 2011, Essar decided to monetise its put option and exit the JV to fund a huge $20-billion capital expenditure programme across its core sector businesses, like Steel, Oil & Gas, Power and Ports. By this time, Vodafone-Essar’s subscriber base had grown to over 135 million. Essar received US$5.46 billion from the proceeds of the monetisation, helping it chart a new course in its evolution.

Essar forayed into the oil & gas sector after it found success in contract drilling. Around the mid-1980s, the Indian Government opened up the contract drilling business to Indian private companies. Essar was among the first private companies to grab the opportunity and become India’s largest rig operator in the private sector, with a fleet of 11 land rigs, one offshore rig and a drill ship.

In 1994, Essar started work on a refinery at Vadinar in Gujarat’s Jamnagar district. By 1995, the necessary funding was in place after Essar Oil Limited, a company that was instituted in 1989, floated a successful public issue to support the refinery project. Work on the refinery was progressing as per schedule until the first quarter of 1998. In the second quarter, a devastating cyclone hit the western coast of India damaging several structures in the refinery site, leading to stoppage of work.

It was not until early 2005 that Essar restructured the balance sheet and work resumed with renewed vigour on completing the refinery project. During the period of stoppage, Essar had wisely planned for technology upgrades. Within 18 months after work resumed, Essar began commissioning the refinery in phases. Trial production was initiated and by 2008, the Vadinar refinery started commercial production with an initial capacity of 10 million tonnes.

For the next five years, Essar operated the refinery at more than 100 percent capacity utilisation. In 2013, Essar Oil undertook an extremely capital-intensive project to double the capacity to 20 million tonnes. The company also made vital upgrades to enhance the unit’s complexity from 6.1 to 11.8, which would make the refinery among the most complex refineries in the world with the ability to process the toughest crudes.

In 2015, the holding company of Essar Oil made a delisting offer to the minority shareholders of the Company, which became the largest privatisation bid in the history of corporate India with over Rs 3,955 crore paid to the shareholders who received more than 100 percent premium on the floor price.

In 2016, Essar signed a definitive agreement to monetise 98% stake in Essar Oil Ltd by selling 49% each to the Russian oil giant Rosneft and a consortium led by Trafigura and UCP. It was in 2017, that this transaction was concluded with Essar Oil being valued at $12.9 billion. This is not only Russia’s largest investment in India, but also the country’s largest FDI in the energy sector.

The deal included Essar Oil’s 20 MTPA Vadinar Refinery, its pan-India network of over 3,500 retail outlets (representing India’s largest private sector retail network), as well as the associated refinery infrastructure. The transaction perimeter also included the Vadinar Port (capacity of 58 million tonnes with world-class dispatch and storage facilities for liquid cargo) and the Vadinar power plant (a 1,010 MW state-of-the art, multi-fuel unit that supplies both power and steam to the Vadinar refinery).

Essar Oil is yet another testimony to Essar’s capability of incubating world-class businesses, operating them and monetising at a premium valuation.

Since Essar’s acquisition of Aegis Communication in 2003 up to its sale in two successive tranches in 2014 and 2017, Aegis had grown over tenfold to become a significant player in the outsourcing industry.

Through a judicious mix of organic growth and strategic acquisitions, the company expanded its global footprint across 13 countries. By 2017, it had concluded over 19 acquisitions with a 100% success ratio, in contrast with the 30% success rate of M&As prevalent in the BPO industry.

Essar helped Aegis’ transformation from being a US-based loss making unit with revenues of just $52 million (in 2003) to becoming a leader in the outsourcing sector with revenues of around $1 billion.

Following the 2014 sale of Aegis’ BPO business in the US, the Philippines and Costa Rica to Teleperformance for $610 million, Essar went about rebuilding the rest of the company in growing markets.

Aegis scouted for a chain of fresh acquisitions in Korea and Japan for empowering the Malaysia unit, and enhancing its strength in Latin American and European countries. Aegis forayed into Malaysia by fully acquiring Symphony BPO services in Kuala Lumpur, a business that went on to grow more than threefold, while retaining the business in nine countries— India, Sri Lanka, Malaysia, Australia, Saudi Arabia, UK, South Africa, Peru and Argentina.

In November 2017, Essar sold Aegis’ operations in these nine countries to Capital Square Partners (CSP) for US$ 300 million (approximately Rs.2,000 crore), marking its complete exit from the BPO business. This list below includes some of the major M&As executed by Aegis. It does not include disinvestments made in 2014 with a sale of Aegis USA to Teleperformance for 610 million USD, the recent sale to CSP for 300 million USD.

vision & mission

Our vision 
We will be a respected global entrepreneur, through the power of positive action.

Our mission
We are committed to innovative growth, through our personal passion, reinforced by a professional mindset, creating value for all those we touch.