The port project work is to be undertaken by the group's African subsidiary, Essar Africa Holdings, and is not a part of the group's Essar Ports.
The Reserve Bank of India has rejected Essar Communications' application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London.
The stock market on Friday greeted with enthusiasm the reports of Reliance Communications planning acquisition of rival Hutch-Essar, as the Anil Ambani group firm gained a massive Rs 4,000 crore (Rs 40 billion) in market value.
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.
Essar Global on Tuesday announced it has acquired Global Vantedge, a Bermuda-based BPO company from Chrys Capital for about Rs 100 crore (Rs 1 billion) to boost its presence in the BPO space.
Hinduja Group on Thursday said it was "very much in the race" to acquire India's fourth largest mobile player Hutch-Essar and said that it would begin reading the books of the target company from Monday.
Essar Shipping Ports & Logistics on Thursday said Ravi Ruia, who is also the Vice-Chairman of Essar Group, has resigned from the company's board with immediate effect due to other commitments.
The Central Bureau India (CBI) on Monday alleged before a special court that Essar Group of companies had created a "corporate veil".
Within a month of the Comptroller and Auditor General of India (CAG) tabling the coal block allocation report in Parliament in August last year, the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Hyderabad-based Navabharat Power Private Ltd for the coal block allotted to it in Odisha in January 2008.
Essar Group has announced the appointment of Malay Mukherjee as chief executive officer of its steel business, effective from October 15. He will take charge from current CEO J Mehra, who will assume a new role as director, Essar Group, and will continue to support the promoter-directors in business strategy, investments, corporate relations and corporate governance.
Riding high on upswing in the steel sector, Essar Steel has repaid entire Rs 927 crore (Rs 9.27 billion) debt of Unit Trust of India.
Rival bidders Vodafone and Reliance Communications are studying the possibility of taking an indirect route to acquire control of Hutchison Essar to skirt the right of first refusal claimed by the Essar group.
A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters I P Khaitan and Kiran Khaitan, besides Essar group director (Strategy and Planning) Vikash Saraf were directed by the court to furnish personal bail bond of Rs 500,000 each and two sureities of like amount.
The race for India's fourth largest mobile phone company Hutch Essar Ltd intensified on Wednesday with the arrival of Vodafone CEO Arun Sarin in India.
Indian corporate house Essar has offered to buy out foreign partner Hutchison Telecom (HTIL) from the mobile joint venture Hutch-Essar for $11 billion (about Rs 50,000 crore), putting the enterprise value at $16.5 billion.
On Thursday, the Bombay high court directed that an Arbitration Tribunal be set up within 30 days for the settlement of disputes between Essar and Hutchison on the termination of BPL (Mumbai) circle sale deal by the former.
Sources said that Essar group firm Aegis BPO submitted the EoI recently as the Essar group is trying to expand its BPO business. Both Aegis and Satyam BPO work with companies in telecom, banking, finance and insurance. Satyam BPO's biggest international clients reportedly include BellSouth, Verizon and GlaxoSmithKline
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.
Earlier, Registrar of Companies had approved the change of name of cellular major Hutch Essar to Vodafone Essar following the British mobile major's acquisition of controlling stake in the joint venture in May.
Company also called for clarity on jurisdiction and role of the TRAI and TDSAT.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The operator was acquired four years earlier by Essar, when the latter had more telecom ventures, such as the 33 per cent stake in Vodafone Essar, and also owned telecom towers.
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.
Russian metals firm OAO Severstal has turned the heat on US steelmaker Esmark for rejecting its $1.24 billion takeover bid in favour of Essar Steel, terming it a "questionable transaction" and demanding that Esmark immediately remove all impediments to its takeover offer.
The Kenyan government has dumped the Mumbai-based group in favour of a Libyan company for a 50 per cent stake in a refinery project in Mombasa. Essar officials said they are still negotiating with the Kenyan government so that they can invest in the project.
The new partners have also agreed to change the Hutch brand in a period of eight months to a year.
Fair valuation of minority stake in joint venture at core of dispute; different worth of shares in two Essar entities a thorny issue.
The Ruias and other promoters own a 99.99 per cent stake through various companies in BPL Mobile Communications. They have already toned it down to 82.4 per cent, sources close to the development said. Now, the group is looking at further bringing it down to less than 70 per cent. This will make BPL Mobile Communications a shell company and diminish its values making its shares 'worthless,' says Vodafone.
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.
Essar Oil is in the final stages of negotiations to raise $100 million (about Rs 407 crore) through external commercial borrowings for expansion and upgradation of its crude refinery in Khambalia, Gujarat.
The Essar group's proposed acquisition of Minnesota Steel is likely to be delayed, with the US state authorities taking time in providing the infrastructure required to move the project.
Essar Steel is reportedly in talks to acquire Egypt's Kandil Steel.
BPL Mobile, one of Mumbai's oldest cellular phone operator, is looking at dropping its existing brand name as Essar's agreement with the TPG Nambiar-owned BPL on the use of its trademark expires by March-end.
Vodafone which has won the bid for majority stake in Hutch-Essar, is likely to resume discussions with Indian partner Essar on issues like management and share structure within the next week or 10 days.
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