Essar Ports sniffs an anchor in Canada

Essar Ports Ltd, the ports division of Prashant Ruia-led Essar group, is in talks for a port project in Sault Ste Marie, Ontario, Canada, according to local media reports.

The reports peg the total investment at around $170 million.
The company is said to be seeking federal funding — or a certain proportion of the project cost to be borne by the federal government — in this case from the P3 Canada Fund.

According to a recent report in one of Sault Se Marie’s local websites, the city council has endorsed Essar’s bid for federal funding, which could be for up to 25% of the investment.

The type and size of this port facility is not clear. If the project does materialise, it would be Essar Ports’ first overseas port project.
In March this year, a delegation led by top officials from Sault Se Marie’s City Council had met Essar group officials in India. The items discussed during the visit included a new port facility in Sault Ste Marie.

An Essar Ports spokesperson, however, refused to comment. “Essar group keeps looking at growth opportunities in the businesses that it is operating. However, it is not our policy to comment on any specific proposal,” the spokesperson said in an email reply.

Officials of the Sault Ste Marie City Council could not be reached for comment.

In an interview with DNA earlier, Rajiv Agarwal, managing director, Essar Ports, had said that the company is on a constant lookout for port projects, both in India and overseas.