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.
"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.
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.
The private companies want a level playing field so that they can compete with the government companies in fuel retailing.
At least three companies including Essar Shipping, Videocon and Sterlite Industries on Friday bid for acquiring the government's 51 per cent stake in national flag carrier Shipping Corporation of India.
The derivative contracts in the underlying Essar Oil, IFCI, Rajesh Exports, Adlabs Film, Arvind Mills, Nagarjuna Fertilisers and Bongaigoan Refinery are currently in the ban period, a NSE circular said on Wednesday.
The government has asked Essar Oil to provide within 45 days documentary evidence of deletion of all charges on Ratna R-Series oil fields that were created for raising funds for its Vadinar refinery project.
Cellular phone service provider Huchison Essar on Thursday said the company will soon sport a brand new look and also enter Mumbai, the country's business capital Mumbai.
RIL has sent a draft GSPA to Essar Oil and the contract may be inked within the next few days.
The Essar group is exploring the option of an $8-billion listing on the London Stock Exchange, potentially making it the first Indian company to enter LSE since Vedanta Resources seven years ago.
PSUs to wait and watch, IndianOil says losing Rs 1.37 on every litre of petrol.
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 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.
The bench also rejected the submission of senior advocate Mukul Rohatgi, appearing for Essar Oil Ltd, that the hearing be adjourned for four weeks.
The Supreme Court had on January 17 set aside a ruling of the Gujarat high court that allowed Essar Oil the tax benefit.
Sunil Mittal's Bharti, in which British telecom firm Vodafone has 10 per cent stake, said on Thursday it is yet to hear a final word from the UK-based operator on its plans to buyout Hutchison Telecom's stake in Indian joint venture Hutch-Essar.
The decision was taken in the meeting of the Board of Approval headed by Commerce Secretary Rajeev Kher on September 18.
Essar group now holds 77% stake in BPL Communications.
Four people died and some others were injured when a fire broke out in a pipeline of Essar's Vadinar oil terminal near its refinery in Jamnagar district in the early hours on Thursday, official sources said.
Russian bank VTB will open a $1 billion credit line to India's Essar Group.
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India's second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
Essar Oil on Tuesday said it will set up 50 petrol stations before the end of this fiscal.
State-run NTPC, Essar Power and Torrent are among the firms identified by the Union power ministry for buying natural gas from Reliance Industries' eastern offshore D6 block.
Telecom company Hutch-Essar on Tuesday said it is planning to invest about Rs 1,656 crore ($360 million) this year for expansion of its network and building capacity.
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.
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
Serum Institute of India chief Adar Poonawalla will pay 138 million (about Rs 1,444 crore) for a Mayfair mansion in London in one of the city's most expensive home sales of the year
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.
According to data available on the website of World Steel Organisation, only eight steelmakers produced over 20 million tonne (mt) steel in 2009 with ArcelorMittal, leading at 77.5 mt.
Leading steel manufacturers SAIL and Essar Steel on Friday refuted the charges of 'cartelisation' and 'unfair trade practices', levelled by ancillary steel producers, by attributing steep hike in HR Coil prices to sky-rocketing raw material costs.
No hybrid name, exercise to begin this week.
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