The Central Bureau India (CBI) on Monday alleged before a special court that Essar Group of companies had created a "corporate veil".
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
Vishal Kampani has big shoes to fill as his father is close to the Ambanis, the Wadias and the Ruias, says Dev Chatterjee.
The Ruias of the Essar Group will now be getting around $750 million (about Rs 3,493 crore) more from their telecom joint venture partner, Vodafone Group, over and above the fair market price if they exercise the "put" option for their 33.02 per cent stake.
Under the 2007 agreement between Vodafone and Essar, the latter has a put option of divesting its stake in the telecom venture.
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.
Dunlop India chairman Pawan Kumar Ruia said: "The Sahaganj plant will resume production either just before the Puja or right after the Puja."
The Ambani brothers, Mukesh and Anil, will share dais at Vibrant Gujarat Global Investors' Summit (VGGIS) beginning in Ahmedabad on January 12.
Loop Telecom has been looking for a strategic investor for some time now and people close to the development said the telecom operator was willing to sell up to 45 per cent stake in the firm.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
Already with a presence in Kenya's telecom sector through a brand called 'Yu', Essar is looking to strengthening its foothold in the rapidly growing African market.
Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields Ltd, bettering an earlier offer from Jindal Steel and Power Ltd.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
Naresh Nayyar, MD & CEO, Essar Oil, tells Business Standard that a windfall profit tax on private oil companies will only worsen the situation.
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.
This follows the expiry of its brand-use agreement with the BPL Group. The company, which faces an ownership battle between the Ruias of the Essar Group and the UK-based Vodafone, does not expect 'any issues' to arise from the change. "Loop is an extension of an ongoing campaign, Get in the Loop, and it will be easy for our subscribers to identify with this new brand name," said BPL Mobile Director and CEO Sanjeev Chachondia.
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 dispute between Vodafone and the Ruia-owned Essar Group, its 33 per cent partners in Vodafone-Essar, over ownership of BPL Mobile deepened this week after the UK-based telecom major alleged that Essar had altered the share structure of the Mumbai service provider in violation of a 2006 agreement
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.
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.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
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.
The state government has cleared the proposal and the plant is to be set up at Bagalkot, industry sources said, adding that project details were being worked out. Initially, the plant would have a 3 mtpa capacity which would be doubled to 6 mtpa in the second phase. The proposal is to set up a pellet plant, a coke oven plant and a battery in the first phase. Essar has asked the state government to lease an iron ore mine for uninterrupted supply of the raw material.
It is not clear, however, whether the two players are considering a majority stake or would be content as investors with 26 per cent.
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.
L'Oreal India presents a series of seminars and scholarships in order to encourage women to continue studying in the sciences.
'When growth drops precipitously from 7% to 4.5% in four quarters, it is for all practical purposes a recession' notes T N Ninan.
Essar Steel's 4.6 million tonne per annum (mtpa) at Hazira generates 20-24 per cent slag and less than one per cent dust, both are waste products. Essar Steel uses electric arc furnaces to produce the commodity in its lone domestic steel-making facility at Hazira in Gujarat. It is also setting up additional 4.9 mtpa facility adjoining to the existing plant.
Which chief minister sat bare-footed, his feet on his chappals, at the Make In India jamboree as he pitched his state as an attractive investment destination to domestic and global investors?
Essar Communications mandates four international banks to arrange a fully-underwritten $3.59 billion term loan
Vodafone recently bought the 67 per cent stake held by Hutchison. The remaining equity is held by the Ruias.
The race for Hutch-Essar, the country's fourth largest mobile service provider, quickened on Wednesday with Hong-Kong based Hutchison Telecommunications International Ltd formally informing the 4 companies in the fray to submit their bids by Friday
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
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.
Taken out from the supervision of the Board for Industrial and Financial Reconstruction (BIFR), Dunlop India Limited (DIL) expects to make a marginal profit by March 2008 and declare a dividend for shareholders next fiscal.
Alert: Admission to Bachelor of Library and Information Science course
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
As top bosses of Vodafone and Essar arrived in Hong Kong to negotiate a deal for acquiring Hutchison Telecom's Indian business, its parent company has indicated it will not consider any offer below $14 billion.
Essar Oil announced on Friday it will spend about $6 billion (Rs 24,000 crore) to more than triple its refining capacity in three years, and that it had shelved a plan to delist the company's shares from the stock market. The company, owned by Mumbai-based Ruias, plans to expand capacity from the current 10.5 million tonnes per annum to 34 million tonnes per annum by 2010.
Vodafone CEO Arun Sarin is expected to visit India next month to reconstitute the board of Hutch Essar, which would be renamed as Vodafone Essar.
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