ESSAR -soared high, crashed big

Massive support by development finance institutions and banks, lack of accountability to the investor and a supportive ruling dispensation through crony capitalism spawned many entrepreneurs. Quite a few of these were brilliant in conceiving and implementing big projects. These worked well in a protective environment and for a few years through liberalisation, but crashed soon. The story of Essar group is an exemplary illustration of the ability of the Ruia brothers to soar high and also to crash big.