The UK-based telecom major is looking at single name branding of its Indian joint venture firm, Vodafone-Essar (formerly Hutchison-Essar).
Essar Oil has cut petrol and diesel prices by an average of Rs 1.50 a litre to bring them at par with that of public sector firms.
Pays $640 million, may exit when Vodafone lists its India operations.
The ongoing arguments in the case remained inconclusive and would continue on August 5
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
British telecom giant Vodafone on Wednesday ruled out any higher offer for buying out Essar's 33 per cent stake in mobile venture Hutch-Essar, saying it would be same as that for Hutchison Telecom's stake.
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.
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.
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 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.
Even as the SEZ Board of Approval meeting, held in New Delhi on Thursday, deferred taking a decision on Essar's request to link its steel-based zone at Hazira
The company is in the process of doubling its production to 800 oil barrels a day from the current 400 barrels a day, from a part of the field called prospect-B.
Essar Power and GMR are among the global bidders for a 450-Mw dual fuel power project planned by the Bangladesh government at Sirajgonj, about 140 km from Dhaka.
London Stock Exchange-listed Essar Energy Plc plans to bid for coal-bed methane (CBM) and shale gas blocks in Indonesia next month.
The transaction will lead to an open offer for minority holders.
Nokia's Chennai plant is under freeze over tax dispute.
The earlier resolution allowing these developers to charge higher power tariffs, now stands cancelled.
Essar Communications mandates four international banks to arrange a fully-underwritten $3.59 billion term loan
The government has already decided to accord priority to fertiliser and power units for allocation of gas from the Krishna-Godavari basin. According to sources, the empowered group of ministers on gas, which met last week, has made it clear it will be able to provide additional gas to steel firms only after meeting the requirements of the power and fertiliser units. Among the steel majors, Essar, Ispat and Vikram Ispat have gas-based units.
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.
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.
Essar Power, which had recently bid for setting up a coal-fired power plant in Indonesia, said on Tuesday it is eyeing more coal and gas-based plants in the south east Asian country.
Essar Group is a major player in the port sector in Gujarat.
Essar Oil has received another setback after the Supreme Court rejected the company's 125 per cent sales tax deferment benefit claim on its investment in the Vadinar refinery project in Gujarat.
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 third chargesheet was scheduled to come out by the first week of July.
Essar Oil is in talks with Royal Dutch Shell to buy two of its refineries in Germany and one in the UK.
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.
Union Transport Minister Nitin Gadkari was on Friday at the centre of a controversy over reports that he and his family spent two nights on a luxury yacht owned by Essar group.
Says no evidence yet to incriminate Maran for coercion in Aircel-Maxis deal.
The CBI has claimed that Essar had more than 10 per cent of cross-holdings in Loop Telecom which was against the norms, a charge denied by the two companies.
Essar Steel is likely to join the race for Brazilian miner and steelmaker CSN's Nacionale Minerios (Namisa), a fully integrated iron ore company. Sources close to the development said Goldman Sachs has approached Essar with the acquisition proposal and the company was considering it.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
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.
