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Published: Nov 30, 2022
Updated: Nov 30, 2022
The Ruias of the Essar group are getting ready for their second innings by investing in energy transition and investments in hydrogen. In the past, the Ruias made immense money by selling their stakes in Vodafone Essar and Essar Oil. Sadly, the minority shareholders of Essar and its lenders never saw returns on their investments in the Essar group companies.
The Ruias are again approaching the banks to fund their business ventures, but looking at their past record, none of the banks wants to give a single penny. A case of once bitten, twice shy perhaps.
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