ATC, through Transcend, had entered into a definitive share purchase agreement with three companies of the Essar Group to acquire the entire issued share capital of Essar Telecom Infrastructure Private Ltd.
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.
Pays $640 million, may exit when Vodafone lists its India operations.
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.
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.
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.
The high-profile bidding war for control of Hutch-Essar could intensify with reports in the British media suggesting that Indian partner Ruias have received funding pledges worth up to $25 billion to buy out foreign stakeholder Hutchison Telecom.
The UK-based telecom major is looking at single name branding of its Indian joint venture firm, Vodafone-Essar (formerly Hutchison-Essar).
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.
The 'Pran Pratishtha' of the idol of Ram Lalla -- the childhood form of Lord Ram -- will be attended by people from all walks of life, including representatives of major spiritual and religious sects of the country and of various tribal communities and prominent personalities.
The transaction will lead to an open offer for minority holders.
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.
Nokia's Chennai plant is under freeze over tax dispute.
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 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.
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.
London Stock Exchange-listed Essar Energy Plc plans to bid for coal-bed methane (CBM) and shale gas blocks in Indonesia next month.
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.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
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 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.
The third chargesheet was scheduled to come out by the first week of July.
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.
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.
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.
Essar Oil is in talks with Royal Dutch Shell to buy two of its refineries in Germany and one in the UK.
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 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.
Says no evidence yet to incriminate Maran for coercion in Aircel-Maxis deal.
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.
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