Essar plans to list infrastructure assets in London to raise about $750 mn
05 Oct 2011
Essar Group, a diversified business group with interests in businesses ranging from shipping to power, is planning to list its infrastructure assets in London to raise about $750 million.
The company intends to bring its infrastructure, ports and shipping business under one firm, which would be listed next year, media reports, quoting sources said.
J P Morgan Chase & Co and Credit Suisse Group AG are working with Essar on the possible initial public offering (IPO), which may take place as early as next year, Bloomberg quoted people with knowledge of the matter.
When contacted, Mumbai-based Essar declined to confirm the report.
"The group is always looking at various options available to it for raising capital, given its significant growth trajectory. As of now there is no specific transactions proposed and therefore your question is speculation," an Essar spokesperson said.
The deal may mark the biggest overseas IPO by an Indian company since May 2010, when another Essar unit, Essar Energy PLC raised 1.27 billion pounds.
The group's listed companies Essar Ports Ltd, a firm into development and operation of port terminals, and Essar Projects, a construction company. Essar Power, Essar Communications and BPO firm Aegis are the other firms under its fold.
Started as a construction firm in 1969, the company now employs 75,000 people in 25 countries, according to its website. It has operation in over 25 countries across five continents and employs 75,000 people, with revenues of $17 billion.