Associate / Senior Associate
About the job
- Liaise with the finance team of portfolio companies to identify opportunities for investment banking services within the portfolio companies and gather requirements for any portfolio business for capital expansion
- Develop a shortlist of target strategic partners and coordinate with them to source funding in terms of both, strategic and tactical funding keeping in mind the procedures and guidelines investment requirement, equity requirement, capital raising process etc.
- Mediate between investors / lenders and internal stakeholders to structure longer term funds and finalize the agreement terms and update investment and funding plans based on fund raising levels
- Assess internal factors like financial information, investment opportunities as well as external factors like global financial markets, and general current events to identify factors and incidents that can impact the investment and accordingly suggest recommendations
- Provide assistance in structuring funds and securities for Essar Capital and its companies in order to meet their funding requirements in line with the risk and investment guidelines
- Carry out end to end loan execution activities for Essar Capital and its companies in line with the overall risk and investment guidelines, and as per the parameters finalized
- Liaise with banks and other loan or fund providers, prepare appropriate documentations to ensure availability of funds as per defined timelines and escalate to leadership in case of issues
- Effectively manage the loan items, debts and cash flows based on market changes, under guidance from the Associate Director International Banking
- Appropriately allocate funds to respective projects in order to meet the overall portfolio business performance and developmental objectives
- Support the Associate director in managing the operational aspect of fund raising including fund valuation, administration and client service
- Provide a final financial investment plan in accordance with investment priorities and risk appetite agreed on and communicate the plan for approval
- Conduct periodic reviews of fund requirements to be raised through syndications, lenders and coordinate with the portfolio company’s finance team to manage the process
- Prepare disclosure and presentation materials for external and internal parties such as rating agencies and investors on a regular basis
- Participate in financial audits and company valuation exercises, provide all required data and take action on all non-conformance areas
- Monitor portfolio performance and prepare the portfolio valuation reports which includes the market value of securities in the portfolio and share information on the portfolio companies with the Associate Director – International banking
- Analyse portfolio performance reports to identify variances and escalate issues, highlight discrepancies, if any and provide solutions on investment requirement
- Perform basic reviews of financial and investment activities to verify adherence to existing banking and investment standards
- Conduct preliminary financial and commercial due diligence, identify any risks with the investment, and prepare and present investment proposal to the Associate Director – International Banking
- Prepare the performance assessment reports for concerned Essar Company in discussion with the Associate Director, including detailed financial analysis and recommend actions to be taken concerning a prospective capital sourcing opportunity. Submit the report to secure approval
- Keep lenders and investors updated on portfolio development and maintain strong relationship with them for long term mutual benefit. Prepare lender presentations and other related documentations as and when requested by Associate Director – International Banking
- Form a strong relationship with lenders and ensure all compliance norms with respect to loans is followed. Create financial reports on investment statements and update the lender regarding the portfolio development
- Collaborate with Portfolio Management team and provide support in creating standardized financial forecasting reports and processes for enabling fact based decision making
- Gather market intelligence in conducting industry & company research for the purpose of the performance benchmarking in order to raise funds for the concerned company
- Ensuring that all research-related activities and recommendations are carried out in line with the fund objectives, Essar Capital’s overall risk and investment guidelines
- Liaise with the finance team of portfolio companies to identify opportunities for investment banking services within the portfolio companies and gather requirements for any portfolio business for capital expansion
- Develop a shortlist of target strategic partners and coordinate with them to source funding in terms of both, strategic and tactical funding keeping in mind the procedures and guidelines investment requirement, equity requirement, capital raising process etc.
- Mediate between investors / lenders and internal stakeholders to structure longer term funds and finalize the agreement terms and update investment and funding plans based on fund raising levels
- Assess internal factors like financial information, investment opportunities as well as external factors like global financial markets, and general current events to identify factors and incidents that can impact the investment and accordingly suggest recommendations
- Provide assistance in structuring funds and securities for Essar Capital and its companies in order to meet their funding requirements in line with the risk and investment guidelines
- Carry out end to end loan execution activities for Essar Capital and its companies in line with the overall risk and investment guidelines, and as per the parameters finalized
- Liaise with banks and other loan or fund providers, prepare appropriate documentations to ensure availability of funds as per defined timelines and escalate to leadership in case of issues
- Effectively manage the loan items, debts and cash flows based on market changes, under guidance from the Associate Director International Banking
- Appropriately allocate funds to respective projects in order to meet the overall portfolio business performance and developmental objectives
- Support the Associate director in managing the operational aspect of fund raising including fund valuation, administration and client service
- Provide a final financial investment plan in accordance with investment priorities and risk appetite agreed on and communicate the plan for approval
- Conduct periodic reviews of fund requirements to be raised through syndications, lenders and coordinate with the portfolio company’s finance team to manage the process
- Prepare disclosure and presentation materials for external and internal parties such as rating agencies and investors on a regular basis
- Participate in financial audits and company valuation exercises, provide all required data and take action on all non-conformance areas
- Monitor portfolio performance and prepare the portfolio valuation reports which includes the market value of securities in the portfolio and share information on the portfolio companies with the Associate Director – International banking
- Analyse portfolio performance reports to identify variances and escalate issues, highlight discrepancies, if any and provide solutions on investment requirement
- Perform basic reviews of financial and investment activities to verify adherence to existing banking and investment standards
- Conduct preliminary financial and commercial due diligence, identify any risks with the investment, and prepare and present investment proposal to the Associate Director – International Banking
- Prepare the performance assessment reports for concerned Essar Company in discussion with the Associate Director, including detailed financial analysis and recommend actions to be taken concerning a prospective capital sourcing opportunity. Submit the report to secure approval
- Keep lenders and investors updated on portfolio development and maintain strong relationship with them for long term mutual benefit. Prepare lender presentations and other related documentations as and when requested by Associate Director – International Banking
- Form a strong relationship with lenders and ensure all compliance norms with respect to loans is followed. Create financial reports on investment statements and update the lender regarding the portfolio development
- Collaborate with Portfolio Management team and provide support in creating standardized financial forecasting reports and processes for enabling fact based decision making
- Gather market intelligence in conducting industry & company research for the purpose of the performance benchmarking in order to raise funds for the concerned company
- Ensuring that all research-related activities and recommendations are carried out in line with the fund objectives, Essar Capital’s overall risk and investment guidelines
- None
About the company
Essar is a diversified investor and developer operating across Energy, Infrastructure, Metals & Mining, and Technology & Retail. It owns and builds assets in eight countries, generating about $15 billion in revenue and employing more than 7,000 people. After monetising some major assets in recent years, Essar is shifting its focus to greener business models, aiming to turn existing assets toward a clean-energy future. Its efforts center on creating sustainable ecosystems around hydrogen, green mobility, and green steel. Essar Foundation supports social programs in health, education, livelihood, women’s empowerment, sports, environment, and infrastructure across India. The company’s goal is to transform its portfolio to support a low-carbon economy and invest in businesses that drive the global clean-energy transition.
Company Size
10,001+
Company Stage
N/A
Total Funding
$19.5M
Headquarters
Mumbai, India
Founded
1969
Get referred to Essar
See people who can refer or advise you
Simplify's Take
What believers are saying
- On March 31, 2026, Mesabi secured $520 million from Breakwall Capital.
- Iowa lawmakers approved $1.36 billion in incentives on October 3, 2026.
- Mesabi reported 95.5% completion and July-August 2026 commissioning updates in June.
What critics are saying
- CBS News on October 4, 2026 highlighted Essar's missed-deadline history and unfulfilled jobs.
- Iowa's 2030 startup leaves Essar exposed if tariffs change or financing tightens.
- Any Mesabi delay must hit Essar's credibility, because investors already question the promised 2030 ramp.
What makes Essar unique
- Mesabi Metallics integrates Minnesota ore mining and Iowa steelmaking into one Essar supply chain.
- Essar's Minnesota project targets DR-grade pellets for EAF mills, not generic iron ore.
- Stanlow and 118 SGN Retail sites give Essar downstream energy distribution in Britain.
Help us improve and share your feedback! Did you find this helpful?
Benefits
Health Insurance
401(k) Retirement Plan
Hybrid Work Options
Company News
News Details. * Market * / * News * / * News Details * Easy Menu Essar Shipping approves overseas subsidiary and asset sales, completing within a year (00:54, 04 Oct 2026) Essar Shipping Limited announced at its 16th Annual General Meeting on September 30, 2026, that it approved the disinvestment of its overseas wholly-owned subsidiaries, Essar Shipping DMCC in the U.A.E. and OGD Services Holdings Limited in Mauritius, and the sale of assets including the Semisubmersible Rig - Essar Wildcat - owned by Essar Shipping DMCC and Tug III owned by Essar Shipping Limited. The company also appointed Mr. Subramanian Raman and re-appointed Mr. Suresh Ramamirtham as Independent Directors, while Mr. Rajesh Dhirubhai Desai retired by rotation and was re-appointed. The transactions, expected to be completed within one year, will be conducted at fair market value subject to valuation reports, and may involve Essar Investment Holdings Mauritius Limited or other Essar group entities.
Firing on all cylinders: Essar Group reclaims its place in steel. The Ruias-controlled Essar Group after exiting most of its steel assets years ago to clear debts is now more confident and assertive today than ever before. In fact, Essar is now firing on all cylinders for big ticket investment plans spread across the U.S., Saudi Arabia, India and others. Recently, the conglomerate captured major international headlines when the U.S. President Donald Trump announced that Essar-backed Mesabi Metallics will invest $18 billion to build America's largest integrated steel plant complex in Iowa, America - producing 10 MTPA of steel annually using iron ore from Essar mines in Minnesota, USA. Similarly, in Saudi Arabia also, Essar is said to be gearing up to set up 4 MTPA green steel plant in Ras Al-Khair to capture the Middle Eastern industrial boom. And in India, Essar is executing a Rs 12,000 crore project to build a 14 million tonne iron ore pellet complex in Keonjhar in Odisha and a slurry pipeline to Paradip port. Essar's aspiration does not end here, it is now going back to its roots Gujarat. Sources say Essar is also exploring an investment of $ 5 billion in the next few years to set up a 8-million tonne steel manufacturing plant in Gujarat. It may be mentioned Essar Steel was among the first list of the largest 12 stressed accounts that the RBI had drawn up in June 2017. The company was acquired by ArcelorMittal in 2019 under the NCLT and a final Supreme Court ruling.
India's Essar Group to invest $18 billion in 'largest' US steel plant, Trump announces. Edited by: Vivek Dubey / TIMESOFINDIA.COM / Updated: Sep 29, 2026, 08:19 IST 74 Comments President Donald Trump speaks as from right, Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, Essar Capital Director Prashant Ruia, Mesabi Metallics Chairman Rewant Ruia and Mesabi Metallics CEO Joe Broking US President Donald Trump on Tuesday announced plans by Indian conglomerate Essar Group, through its US subsidiary Mesabi Metallics, to invest about $18 billion in a major steel plant in Iowa. Trump made the announcement at the White House alongside Essar Group co-founder Ravi Ruia and Mesabi Metallics chairman Rewant Ruia, describing the project as the largest steel plant in American history. "Today we're thrilled to announce that Mesabi Metallics will be building the largest steel plant in American history in the great state of Iowa. It's the largest plant, one of the largest plants in the world, but it's the largest plant in America by far," Trump told reporters. - ANI (@ANI) The facility is expected to produce 10 million tonnes of steel a year once fully operational, with production targeted to begin in 2030. The project is also expected to create thousands of jobs during construction and nearly 2,000 permanent positions across the steel and mining operations. Project to link Minnesota iron ore mine with Iowa steel plant The Iowa plant will form part of an integrated US supply chain, with iron ore sourced from a new mine being developed by Mesabi Metallics in Minnesota's Mesabi Iron Range. You May Like The company has invested about $2.5 billion in the mine, which is expected to produce around 7.5 million tonnes of iron annually and create about 350 jobs. Rewant Ruia said he was born in India but had studied in New York, Boston and California, adding that he had spent half his life in the US and described the investment as "a true homecoming". He said the project would establish a fully integrated supply chain "from mine to mill". Trump highlighted the domestic nature of the operation, saying the Minnesota mine would be "the first new iron ore mine in the United States in more than 50 years with the highest quality ore." "In other words, this steel will be mined, melted, and made right here in the USA, which is something very unusual," Trump said. Rewant Ruia thanked the president "for bringing back the importance of building things in America." He also said the plant would use advanced technology and "will compete head-to-head with any steel plant in the world on size, quality and on cost." Trump and Commerce Secretary Howard Lutnick attributed the investment partly to the administration's steel tariffs. Trump said companies were building in the US "because they don't want to pay tariffs". End of Article
Trump has announced the construction of a $15 billion steelworks in Iowa. The first products are expected to be produced in 2030. US President Donald Trump has announced plans by Mesabi Metallics to build a steelworks in Iowa with an investment of $15 billion. This is reported by Reuters. The new complex will be fully vertically integrated: iron ore from the new Mesabi mine in Nashwak, Minnesota, will be used to produce steel in Iowa. The first phase of the project envisages an annual output of 7.5 million tonnes of steel, with capacity subsequently increasing to 10 million tonnes. The White House has already described this facility as the largest steelworks in US history. According to the White House, the project will create at least 1,750 permanent jobs, as well as up to 6,000 temporary jobs during the construction phase. The total economic impact of the first phase, covering the construction period and the first 10 years of operation, is expected to reach $95 billion. The first production is scheduled for 2030. Mesabi is owned by the Indian conglomerate Essar Group, which has already invested over $2.5 billion in a mining operation in Minnesota. Previously, the US Export-Import Bank announced that it would provide $10 billion to finance the expansion of this mine. The investment announcement was made during a fiercely contested election campaign in Iowa for Senate seats and the governorship. The project is intended to demonstrate the effectiveness of Trump's protectionist policy, which is based on higher import duties. Whilst the global steel market is suffering from overcapacity (particularly in China), trade barriers in the US are keeping domestic prices high, making large-scale construction projects economically viable. At the same time, tariffs are putting pressure on neighbouring markets: for instance, the Canadian company Cleveland-Cliffs has announced production cuts and the redundancy of hundreds of workers at its plant in Ontario precisely because of the impact of US tariffs. As reported by GMK Center, the South Korean companies Hyundai Steel and POSCO have begun construction of a steelworks in the state of Louisiana (USA) at a cost of $5.8 billion. The annual capacity will be 2.7 million tonnes of hot-rolled, cold-rolled and galvanised steel, including 1.8 million tonnes of automotive steel sheets and 900,000 tonnes of general-purpose steel. Mass production is due to begin in 2029.
Essar to build $15 billion steel plant in US, Trump says. Published: September 29, 2026, 1:21 PM IST Updated: September 29, 2026, 1:22 PM IST 1 India's Essar Group, through its US subsidiary Mesabi Metallics, plans to build a $15 billion steel complex in Iowa as part of an estimated $18 billion integrated investment linking a Minnesota iron ore mine with the proposed plant. The facility is planned to eventually produce 10 million tonnes of steel annually. Key highlights. * Essar-backed Mesabi Metallics plans a $15 billion steel complex in Iowa. * The broader integrated investment is estimated at around $18 billion. * The plant is planned to eventually produce 10 million tonnes of steel annually. * Minnesota iron ore will supply the proposed Iowa steel complex. Washington, Sept 29: India's Essar Group, through its US subsidiary Mesabi Metallics, has announced plans for a major integrated steel project in the United States, linking an iron ore mine in Minnesota with a proposed steel complex in southeastern Iowa. US President Donald Trump announced the project at the White House on September 28, describing the Iowa facility as the largest steel plant in American history. The overall investment has been described at around $18 billion, although figures cited during the announcement varied. The White House put the proposed Iowa mill at $15 billion, while the broader investment includes the Minnesota mining operation. Essar Chairman Ravi Ruia cited an overall figure of about $18 billion, while Rewant Ruia said the family was investing around $3 billion in the mine. The company said the project will create a fully integrated supply chain from Minnesota iron ore to steel production in Iowa. The proposed steel complex is expected to begin with annual production of about 7.5 million tonnes, with capacity eventually rising to around 10 million tonnes a year. The White House said the project could support up to 6,000 construction jobs and 1,750 permanent Iowa jobs, while production is expected to begin around 2030. These figures are projections for a project that has not yet entered steel production. The Minnesota mine is an important part of the integrated project. Mesabi Metallics recently opened a new iron ore mine in Minnesota, which is expected to supply ore to the Iowa facility. The development is intended to create an integrated US-based chain covering mining, processing, transportation and steelmaking. Federal financing is also involved in the mining component, with the US Export-Import Bank providing financing support. For Essar, the announcement represents a major expansion of its US industrial operations. Rewant Ruia, Chairman of Mesabi Metallics, described the investment as a "homecoming", noting his personal educational and professional connections to the United States. Essar founder Ravi Ruia said the company had built steel plants, refineries, ports and power facilities internationally and was now undertaking its next major project in the US. The project also comes as the United States seeks to expand domestic steelmaking and reduce reliance on imported steel. The proposed facility, however, remains a development project, and its investment, employment and production figures are announced projections rather than operating results. Essar Group's proposed US steel investment will link Minnesota iron ore production with a large new Iowa steel complex, creating an integrated American supply chain with planned capacity of up to 10 million tonnes annually.