A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Essar Group plans to invest $500 million (Rs 2,000 crore) to scale up the annual production capacity of its recently acquired Canadian steel company Algoma to 4 million tonne in three years from the existing 2.5 million tonne.
Essar Communications mandates four international banks to arrange a fully-underwritten $3.59 billion term loan
"The most prominent suitors continue to be Russian producers, although India's Essar Group also has been mentioned prominently, according to market sources," the Metal Bulletin (MB) reported, adding that Essar has been the most recent company to express interest and has begun negotiations with Luxembourg-based ArcelorMittal.
The cable said the Maoists pose a real threat to development and security in the region and efforts to bring these areas back into the orbit of the government is warranted.
British giant Vodafone and Indian conglomerate Essar group reached an agreement on Thursday for jointly running India's fourth largest mobile firm -- Hutch-Essar, which would be rechristened Vodafone Essar.
The dispute between Vodafone and the Ruia-owned Essar Group, its 33 per cent partners in Vodafone-Essar, over ownership of BPL Mobile deepened this week after the UK-based telecom major alleged that Essar had altered the share structure of the Mumbai service provider in violation of a 2006 agreement
The steel-to-telecom conglomerate Essar group has roped in London-based creative and consultancy firm, Start Creative, to create a new brand identity.
The group intends to emerge as a consumer-oriented group, shedding its existing heavy industries tag.
Essar Oil, which was building a 9-million tonne per annum crude oil refinery at Vadinar in Gujarat, was supposed to complete it by April 2003, so that it would be qualified to get the benefits of the sales tax incentives.
Essar group-owned Aegis BPO on Monday said it will acquire Philippines-based BPO, PeopleSupport, for $250 million (around Rs 1,050 crore) in an all-cash deal.
Indian conglomerate Essar group is understood to have initiated discussions for acquiring 50 per cent stake in a Kenyan refinery from international oil players as part of its move for a global footprint. The refinery in Mombasa, in which the government of Kenya owns a 50 per cent stake, has an annual production capacity of about four million tonnes.
Essar Power would invest Rs 4,000 crore (Rs 40 billion) for setting up a 1,000 MW coal-fired power plant in Chhattisgarh, a senior Essar group official said in Raipur on Tuesday.
"We are seriously looking at launching our own mobile brand, offering a complete range of handsets to bring better value to our customers. We are currently negotiating with a couple of original equipment manufacturers (OEM)," Rajiv Agarwal, chief executive officer and director, The MobileStore, said, while refusing to give details.
Announcing the intention to go with the public offer, Essar Energy vice chairman Prashant Ruia said that offering of 20-25 per cent shares in the entity would be to institutional investors in the UK for which it has sought regulatory approvals.
In a major acquisition in the telecom sector, the Ruia-controlled Essar Group on Wednesday bought a controlling stake in BPL Communications for a consideration of over Rs 4,400 crore (Rs 44 billion).
The Ruia-promoted Indian conglomerate Essar Group has got close to Rs 200 crore (over $45 million) for withdrawing its bid for American steel firm Esmark and the payment is coming from succesful suitor Severstal of Russia.
Loop got licences to offer mobile services in 21 circles by the telecom ministry run by Raja, now in jail, in 2008. Essar has investment in Loop; it also holds 33 per cent equity in Vodafone Essar, a big player in the sector.
Over a year after the judgement was reserved, a bench of justices G S Singhvi and S J Mukhopadhaya rejected the pleas of the telecom companies which pleaded that they be tried in a magisterial court unlike other accused in 2G cases as they have not been charged under Prevention of Corruption (PC) Act.
GTL Infrastructure (GIL), a subsidiary of telecom network major GTL, has acquired Essar Group's tower company Essar Telecom Infrastructure (ETIPL) for an estimated $1.5 billion (Rs 6,000 crore), according to sources.
The company would also increase its head count by ten fold to 10,000 in the next three years from the current 1000.
In a boost to Essar group, the Supreme Court on Monday allowed it to go ahead with its Rs 10,000 crore (Rs 100 billion) oil refinery project at Jamnagar in Gujarat.
Ashok Piramal Group company Peninsula Land has inked a property deal worth Rs 1,200 crore (Rs 12 billion) with Essar Realty Holdings, the realty arm of the Essar Group, to sell and lease premises at its upcoming IT park named Peninsula Technopark on LBS Marg in Kurla. The deal was signed recently, according to sources.
Central Bureau of Investigation has received a number of representations including some from legal luminaries saying the Essar group has no links with Loop Telecom which is under the scanner in the 2G spectrum allocation scam.
Three bidders, including the Essar group, vying for the government stake in the Shipping Corporation of India have inked the confidential information memorandum, even as uncertainty remained over the fate of the sole international bidder.
The Rs 5,700-crore Essar Group has recommenced the 12 million tonne mega refinery project in Gujarat, stalled since 1999, after tying up with financial institutions.
The Essar Group is close to buying Trinity Coal, one of the top 10 coal producers in the US, in a deal worth $550-600 million (Rs 2,500-2,735 crore). Trinity is owned by private equity investment firm Denham Capital Management.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
These service centres will be set up across India, North America and the Middle East to cater to specific steel requirements of the auto, white goods and SME sectors. Essar intends to set up about 15-20 such centres with a cumulative capacity of 4.2 million tonnes per annum as against the present 2.5 MTPA. The Rs 1,000 crore proposed for the project would include the costs incurred on expansion of the company's existing service centres, Essar Steel Group CEO J Mehra said.
Russian bank VTB will open a $1 billion credit line to India's Essar Group.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
Musk said on Friday that he believes India-US ties are "trending positive" and that he favours an enhanced trade partnership between the two nations.
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