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ESSAR ENERGY ACQUIRES 50% STAKE IN KPRL
Essar Group Energy MD, Mr. Naresh Nayyar (left) and Finance PS, Mr. Joseph Kinyua, at the signing ceremony where ESSAR acquired 50% stake in KPRL.
On 31st July 2009 ESSAR Energy of India acquired a 50% stake of KPRL bringing to a close a process that begun in 2007. KPRL which was incorporated in 1959 is also marking its 50th year in existence. This is a strategic partnership between the Government of Kenya and ESSAR of India which will go along way to secure the future of the Refinery in terms of the much needed investment in the refinery modernization project, power generation and LPG storage projects.
The Essar Group is a dynamic, high performance multinational organization which has entered a host of new international markets having powered the Indian economy for a number of decades. It is a diversified business corporation with a balanced portfolio of assets in the manufacturing and services sectors of Steel, Energy, Power, Communications, Shipping Ports & Logistics, and Projects. Essar has a presence in more than 15 countries worldwide.
With a firm foothold in India, the Essar Group has been focusing on global expansion with projects and investments in Europe, North America, the Caribbean, Africa, the Middle East and South East Asia. Privately owned and professionally managed, the Group is judiciously invested in the commodity, annuity and services businesses. This exciting new partnership brings with it a great promise for the future of the Refinery and by extension the employees, Mombasa city and indeed the entire country and region as a whole.
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