If it was steel that was responsible for the downfall of Group

IIPM BEST B-SCHOOL

If it was steel that was responsible for the downfall of Group, it was steel that also started their resurgence after 2001 when steel prices started rising & kept rising

Strangely, if it was steel that was responsible for the downfall of the Essar Group, it was steel that also started their resurgence and resurrection. After 2001, when the Essar Group looked truly down and out for the count, the global steel industry saw a sudden reversal of fortunes. Backed by surging demand in China and a global economic recovery post 9/11, steel prices started rising and have kept rising since then. Suddenly, Essar Steel started making money and the Ruias realised they now had a golden opportunity to bounce back. Even corporate and equity analysts started looking at the Group with new respect and grudging approval. Along with a sustained revival in steel, came the dramatic telecom revolution in the country. Since 2002, the mobile phone industry in India has been growing at dizzying rates and telecom has become a rock solid hot property for investors across the world.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative