INTER RAO – EXPORT and Essar Power signed a memorandum on strategic partnership
May 25th, 2018
Saint-Petersburg, May 24, 2018
INTER RAO – Export LLC and Indian power company Essar Power have signed a Memorandum of Understanding and strategic cooperation in the power sector. The ceremony has taken place at St. Petersburg International Economic Forum 2018. Mr. Maxim E. Sergeev, Director General of INTER RAO – Export LLC, and Mr. Ravi Ruia, Co-Founder – ESSAR, have affixed their signatures to the document. The objective of the document is to integrate the capacities of both companies for operations in the power market of India.
INTER RAO-Export LLC is a specialized subsidiary of PJSC Inter RAO created for the purpose of searching and managing the implementation of foreign projects, the development of the foreign economic activities of the Inter RAO Group and the expansion of the geography of its presence. The company’s portfolio includes projects worth more than USD 2 billion. INTER RAO-Export. LLC is developing business in a number of Latin American countries, actively working to enter new markets in other regions of the world.
Essar Global Fund Limited (“EGFL”) is a global investor, controlling a number of world-class assets diversified across the core sectors of Metals & Mining, Energy, Infrastructure (comprising Ports and EPC businesses) 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. EGFL invests with a sense of active ownership, which involves direct engagement with the management of the respective businesses. The portfolio companies have aggregate revenues of about USD 15 billion and employ over 8,000 people.