P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
Essar Energy CEO Naresh Nayyar tells Business Standard that in 2013, the company would focus on optimising the operations of the commissioned units and generating cash flows.
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.
Blue Energy Motors, a Mumbai-based outfit, is set to disrupt the market for two million heavy-duty trucks running on diesel and petrol in the case of routes under 500 km by transforming them into electric.
Ruias-controlled Essar group on Thursday said it will delist its two steel and oil arms from stock exchanges to gain more flexibility in running the companies.
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.
Essar Energy chairman Ravi Ruia on Wednesday announced his decision to step down from the post amid the Central Bureau of Investigation claiming that the Essar Group had suppressed facts related to its equity holding in Loop Telecom, an allegation denied by the conglomerate.
London Stock Exchange-listed Essar Energy Plc plans to bid for coal-bed methane (CBM) and shale gas blocks in Indonesia next month.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
Ruias-owned Essar will take a 50 per cent stake in Kenya's only refinery in Mombasa, the African nation's Energy Minister Kiraitu Murungi said on Wednesday.
Analysts say the Essar Group has been following a policy of delisting just when its businesses begin to record substantial upside, denying shareholders their share of decent returns.
Essar Energy's $350-million deal to buy Shell UK's oil refinery and associated assets at Stanlow, near Ellesmere Port, Cheshire, has hit a road block. The employee union has rejected the deal in its current form due to differences over pension payout and other issues.
Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space.
With power trading thrown open for competition, Reliance Industries and Essar Energy are among the six applicants who have applied for licence to venture into power trading.
'It can position itself as a China Plus One solution, fulfilling the demands of developed economies.'
Essar Oil Ltd plans to sell its energy division to Bin Jabr Group Ltd, an Abu Dhabi-based oil and gas service provider.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
The transaction will lead to an open offer for minority holders.
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.
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.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
The report said that out of them, six are generation companies, 11 distribution firms and one transmission entity. The process of privatisation is being handled by Nigeria's Bureau of Public Enterprises (BPE).
Ruia's-owned Essar Group is among four consortia in race to buy Royal Dutch Shell Plc's stake in four Nigerian oil fields.
On Friday, Indonesia awarded 22 new oil and gas blocks out of the 25 it had offered for bidding recently. The consortium of Essar E&P and GSPC was awarded the Southeast Tungkal block, industry sources said. Among the other winners were ConocoPhillips, Chevron Corp, Australia's Pearl Energy and Worldwide Exploration, China's Sinochem Petroleum, Malaysia's Ranhill Energy and Husky Energy.
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.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
To be second Indian company after Essar to have a refinery abroad
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The earlier resolution allowing these developers to charge higher power tariffs, now stands cancelled.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
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.
Prayas Jain has been arrested for allegedly buying secret documents.
The companies are looking at tapping solar power, wind energy and bio-fuels, including fish and vegetable oil, to run base transceiver systems in areas with poor power supply.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
Cairn India is 25th on the list with 22.2 per cent CGR.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
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