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Essar plans London stock market listing
Tuesday, 09 March. 2010



Essar, the Indian industrial conglomerate, may raise as much as $3 billion through a stock market listing of its oil and power businesses in London.The listing would be the largest by an Indian company overseas.The steel-to-telecoms group is pondering combining its power, oil refining, exploration and production units to list them on the London Stock Exchange. A final decision may be some weeks away, however.The combined entity could be valued at around $12 billion (£7.96 billion).

The cash would be used to fund a $9 billion expansion drive, designed to strengthen Essar’s position in India’s oil refining and power sectors.Essar, which achieved annual revenues of about $15 billion last year, is controlled by the brothers Shashi and Ravi Ruia. The siblings are joint-fifth on Forbes's Indian rich list. Last week they agreed to buy the United States-based Trinity Coal for $600 million.



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