Essar Group may look at an IPO of Vodafone stake next year

The Essar Group today confirmed its interest in BP's assets spread across 4-5 countries in Africa. Group CEO Prashant Ruia told reporters that the process was in early stages and that it was pre-mature to talk about it.

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Ruia added that they are competing with 12 other operators for BP's assets. "It is an early part of the process...BP is running a process for some of their assets. It is too premature to talk about it."

He said Essar Group may look at an initial public offering of its stake in Vodafone next year.

Oil assets:

Shishir Agarwal, CEO and MD, Essar Exploration, said total recoverable reserves in coal-bed methane blocks are 3-5 million cubic meters. "Production has started for 90-1 lakh cubic meters."

Agarwal said the first phase investment is USD 35 million. "Total investment for drilling is USD 375 million over the next two years."