A new energy is driving the Essar Group, which has seen a resurrection after being taken to the brink of bankruptcy. Thanks to the bitter lessons learnt from the past, Essar 2.0 is very different, even though the core focus remains the same.

One, no relying on debt now. This is understandable because it was overleveraging that brought down the group. It plans to execute and implement projects through partnerships, and raise funds through debt securities.

Two, it is looking at an asset light model. The Essar group of the past was asset heavy with total ownership of all the infrastructure in its portfolio. It still has assets, but it is executing them with partners. What Essar brings to the table in many of its projects is its expertise, skills, and experience in the sectors, says a company insider. As an example of the above two, in February the group announced a $3.6 billion investment by Essar Energy Transition in low carbon energy transition projects. This investment will be done over a period of five years and more importantly, it will take on a partner who will provide a considerable portion of the equity.