Essar mulls listing infra biz in London

Diversified Essar Group is planning to list its infrastructure business in London next year, a move that could raise about Rs 3,700 crore for the Ruias-led conglomerate.

Group company Essar Energy got listed in London last year, raising 1.3 billion pounds, the largest ever initial public offering by an Indian company in that city.
Sources said Essar is mulling the possibility of listing infrastructure business that includes ports and shipping assets. The listing, likely to happen next year, is expected to mop up around Rs 3,700 crore, they added.
When contacted, an Essar spokesperson said, "The group is
always looking at various options available to it for raising capital, given its significant growth trajectory.  As of now there is no specific transactions proposed and therefore your question is speculation." Essar Ports and Essar Oil are listed on the Bombay Stock Exchange.
India is expected to see an investment of USD 1 trillion in the infrastructure space during the 12th Five Year Plan (2012-17).
The London Stock Exchange in May 2010 had said Essar Energy listing was the "largest ever Indian IPO in London and the second largest Indian IPO on a public market anywhere in the world".
Essar Energy is into power as well as oil and gas businesses. Among others, Essar Group has interests in steel and BPO & Telecom areas.