UK telecom giant Vodafone has alleged that its Indian joint venture partner, the Essar group, may be involved in violation of insider-trading regulations. The dispute between the two came into the open after Essar proposed a reverse merger of group company Essar Telecom Holdings (ETHPL) into listed entity Indian Securities (ISL).
Essar group now holds 77% stake in BPL Communications.
The company also that final settlement is anticipated to be completed by November, 2011.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields Ltd, bettering an earlier offer from Jindal Steel and Power Ltd.
This is the latest in a series of large office space buyouts by RMZ Corp which has created a portfolio of rent-yielding commercial assets in India.
Sources said that Essar group firm Aegis BPO submitted the EoI recently as the Essar group is trying to expand its BPO business. Both Aegis and Satyam BPO work with companies in telecom, banking, finance and insurance. Satyam BPO's biggest international clients reportedly include BellSouth, Verizon and GlaxoSmithKline
Loop Telecom on Wednesday stated that it has fully complied with the licensing norms and has submitted the certified shareholding structure in the company to the DoT, saying that the Essar Group has equity of less than 9.99 per cent in the firm (Loop).
The Ruias of the Essar group have decided to get into yet another takeover battle. And this time they are taking on none other than Lakshmi Narayan Mittal, the owner of world's largest steel maker, ArcelorMittal, to take over the Bulgarian steel firm, Kremikovtzi AD, an ailing steel mill owned by Mittal's younger brother Pramod Mittal.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
A key prosecution witness in a case arising out of the 2G scam probe on Tuesday claimed that he was threatened by the Central Bureau of Investigation that he would lose his job if investigating officer writes to his employer.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
The Essar Group is raising $3.59 billion (Rs 14,360 crore) against its 33 per cent stake in Vodafone-Essar. The loan will be the largest fund-raising through the share monetisation route by an Indian company.
Vodafone CEO Arun Sarin on Thursday met key members of the Ruia family, as part of efforts to woo the Essar Group to ensure smooth sailing of mobile venture Hutch-Essar, where the UK company is acquiring majority stake.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
Hutchison holds a 52 percent stake in Hutchison Essar and the Ruias-promoted Essar group 33 percent, while the rest is held by Analjit Singh of Max India and Hutchison Essar CEO Asim Ghosh.
The new partners have also agreed to change the Hutch brand in a period of eight months to a year.
Price of put option to be assessed for future sale.
The Essar group's proposed acquisition of Minnesota Steel is likely to be delayed, with the US state authorities taking time in providing the infrastructure required to move the project.
Essar group on Friday said it will invest Rs 10,500 crore (Rs 105 billion) in a special economic zone at Hazira and augment the steel manufacturing capacity to nine million tonnes, besides expanding the Vadinar refinery.
Putin's visit comes at a time when Russia's economy is stalling as oil prices tumble
Essar Energy Holdings, a part of the Essar group, has acquired an oil and gas exploration block in Nigeria in the latest round of bidding. The shallow offshore block is completely owned by Essar Energy.
Talks on to buy stake in Cape Lambert, set up plant for Rs 3,500 cr.
Shareholders of Hutchison Telecom would on May 8, vote on a proposal to pay Essar group $415 million to ensure smooth transaction with UK's Vodafone for sale of majority equity in Hutch-Essar.
BPL Mobile, one of Mumbai's oldest cellular phone operator, is looking at dropping its existing brand name as Essar's agreement with the TPG Nambiar-owned BPL on the use of its trademark expires by March-end.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
After Tatas and Reliance, yet another corporate giant - the Rs 20,000 crore (Rs 200 billion) Essar Group is entering the inter-state power trading business.
Continuing the efforts to strengthen its presence in telecom JV with Hutchison, Ruias' Essar Group is considering buying Max Telecom and IL&FS's 3.16 per cent stake in the Hutch-Essar joint venture.
Hutchison Telecom on Monday entered into a deal with Essar Group to buy over BPL's stake and Essar SpaceTel for $1.15 billion (about Rs 4,900 crore).
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India Inc raised various issues to increase trade flows in sectors like pharmaceuticals, banking, energy and infrastructure
Essar group plans to invest an additional Rs 10,000 crore (Rs 100 billion) in Gujarat, starting next financial year, in a bid to make the state the 'petrol capital' of India.
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