Losing steel arm to ArcelorMittal to hurt Essar India; revenue may fall 97%

With ArcelorMittal finally getting control over Essar Steel, the Essar group will see its India revenues fall 97 per cent to just Rs 3,296 crore for FY19 compared to Rs 1.25 trillion (which was its peak) in 2014, according to filings with the ministry of corporate affairs. A major share of the group’s India revenues for FY14 were contributed by its oil refining and steel business. The revenues for FY19 have been contributed mainly by three Indian firms — AGC Networks, Essar Ports and Essar Shipping — filings with the ministry show.  Several firms of the.....

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