At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
Sources close to the development said senior executives of these three companies recently visited the facilities of Stelco, which was put on the block last month.
Ruias controlled conglomerate Essar on Thursday withdrew its $1.2 billion bid for acquisition of US steel company Esmark in the face of a higher bid by Russian steel giant Severstal which is supported by the Union. Essar has raised its bid from $17 dollar to $19 a share, but Severstal came up with a higher bid of 19.25 dollar per share. Severstal has got the support from the Unions of the US steel company, sources said.
Hutchison Telecom on Monday entered into a deal with Essar Group to buy over BPL's stake and Essar SpaceTel for $1.15 billion (about Rs 4,900 crore).
Sources close to the development said a significant amount of around Rs 7,000 crore had been put into the SBI account with a proposal on escrow of the deposited funds.
Hutchison Telecommunications India Ltd is unlikely to give the Essar Group an option to match Vodafone's offer in the documentation of the sale of its 67 per cent equity stake in Hutchison-Essar.
The NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
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.
As a prelude to a new partnership agreement, senior Vodafone and Essar executives have held joint meetings with officials in the government, including the finance ministry.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
This is the latest in a series of large office space buyouts by RMZ Corp which has created a portfolio of rent-yielding commercial assets in India.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
Essar Oil's 10.5-million-tonne-per-annum refinery at Vadinar in Gujarat went onstream on Friday, with its first product, LPG, expected to roll out by Saturday.
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.
Talks on to buy stake in Cape Lambert, set up plant for Rs 3,500 cr.
the Company Affairs Ministry has come out in support of Essar by asking FIPB to change guidelines that allow greater say to the Indian partner in the consultative process.
Naguib Sawiris, CEO of Orascom, which is open to acquire Hutch-Essar, said during his India visit that "they (Essar) felt bad because they thought they were not consulted before (the Egyptian firm) came on board.
British telecom major Vodafone on Friday said it had made an adjustment to the tune of Rs 3,400 crore in its fair market value to account for the payment it has made for 3G licences. This will be the additional amount payable to Essar, the 33 per cent shareholder in the company's Indian operations, if Essar opts for an independent valuation of its stake while exercising its put option.
Essar has entered into an agreement with Maple Leaf, a cement major there, for its supply and has already delivered 15,000 tonnes of petcoke.
After Tatas and Reliance, yet another corporate giant - the Rs 20,000 crore (Rs 200 billion) Essar Group is entering the inter-state power trading business.
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
Ruias to sell Essar Steel stake to strategic partners.
Price of put option to be assessed for future sale.
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.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
IEA has forecast that in 2011 demand will grow by 1.4 million bpd to 89.4 million bpd.
The company also that final settlement is anticipated to be completed by November, 2011.
J S Verma, general manager of Essar Steel, was on Tuesday arrested for allegedly conspiring in funding Naxal groups in Dantewada area of Chhattisgarh.
Vodafone said on Wednesday it has completed the acquisition of controlling stake in Hutchisson-Essar Ltd while paying a less amount at $10.9 billion as against $11.8 billion announced earlier.
The proposed steel plant is a joint venture wherein Essar would hold 65 per cent stake, VSC 20 per cent and the rest 15 per cent would be held by Vietnam General Rubber.
To invest Rs 5,000 crore in the projects, to be completed in four years.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
"Essar Steel's plate mill became the first primer plate producer in the country to be recognized for indigenous development of steel for building ships for the Indian Navy ... Company has received a prestigious order from Mazagoan Dock (MDL) to supply 13,000 tonnes of heavy plates," the company said in a statement.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
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