Essar Energy Plc is an Indian coal and gas power generating (PG), and oil refining and marketing (RM) company. The company earns 29% and 71% of total EBITDA from PG and RM respectively. The company is aggressively expanding its power generation portfolio and plans to increase power capacity from 1,600MW to 11,470MW by 2015 by building new coal generation for the Indian market. The company is upgrading the capacity and complexity of its low-cost Vadinar refinery to improve its product mix, and refinery margins. Essar’s regulatory, construction and development delays create doubts as to whether the company can attain its aggressive growth goals. Essar’s questionable purchase of the Shell UK Stanlow refinery might be a drag on earnings. From this purchase the company hopes to create and entry point to the UK market. The Indian’s government decision to deregulate the sale of gasoline will greatly improve Essar’s ability to compete against public competitors with its 1300 fueling stations with 300+ under construction.