Media reports indicate that the Ruias controlled Essar Projects wants to offer more services beyond the basic engineering, procurement and construction (EPC) services it provides to clients.
As part of this strategy, the company acquires a small stake in the projects that it executes for its global clientele.
For example, the company recently acquired 4.99 per cent equity in the $2.4-billion greenfield aromatics complex project in Jurong Island. Before that, it secured a $407.6-million contract from Jurong Aromatics Corporation in Singapore.
Essar Projects wanted to acquire stake in a project in order to reassure the promoters that the firm is not just an EPC contractor, but a part of the project.
According to reports, the company is about to secure a major contract in Africa in the onshore oil and gas sector. Here, it will be providing the additional service of training the project operators during the execution stage so that they are ready to handle the plant after commissioning.
The company would provide training by using the operational expertise of its group companies.