The Essar Group, which announced the acquisition of US-based Trinity Coal for $600 million (around Rs 2,760 crore) on Saturday, is working towards an $8-billion (around Rs 36,800 crore) listing of its oil and power businesses in London, according to The Telegraph .
?India?s billionaire Ruia brothers have begun preparations for an $8 billion (?5.3 billion) London listing of their oil and power businesses…,? the British daily has reported.
The Ruia brothers?Ravi and Shashi?are ranked fifth among India?s billionaires with a fortune of $13.6 billion by Forbes magazine. The Telegraph said the listing could make it the first Indian company to enter London?s main market since Vedanta Resources seven years ago.?Essar is looking at a London listing of a holding company which will have their refinery, power, exploration and production businesses,? The Telegraph has reported quoting a source.
The group is scaling up its power generation capacity in India to 6,000 mw. It is implementing close to 4,650 mw of power projects, has a 1,200-mw power project coming up in Gujarat, dependent on imported coal. It is setting up a Rs 4,800-crore power project at Salaya near Jamnagar in Gujarat and the imported coal-based project is slated for completion by 2011.
The group?s hydrocarbon subsidiary Essar Oil is expecting to achieve financial closure for the expansion of Vadinar unit by the second quarter of 2010. The Phase-II expansion will incur an investment of $4.5 billion, and the project appraisal is now being conducted by large domestic banks. Essar is raising the Vadinar refinery capacity to 16 million tonne from 10.5 million tonne by December 2010 and further to 34 million tonne in Phase-II expansion.