Ruia hopes hydrogen bet will power Essar revival

The now debt-free group is embarking on a mega decarbonization project in the UK—one that will determine if it can shake off the past and reclaim its empire status.

Prashant Ruia is plotting a comeback for the Essar Group. 

He has taken upon himself the task of rebuilding the empire that his father Shashi and uncle Ravi built and nearly lost. And, at the core of Ruia’s strategy is hydrogen—a much-touted replacement for polluting fossil fuel—which he hopes can power the Essar Group’s ambitions and undo the damage to its reputation by years of debt troubles.

Zoom in a little closer and the group’s profitable Stanlow refinery in northwest England pops into view. Essar acquired the facility—one of the most important refineries in the UK, supplying over 16% of …