The corporate world in 2011 found itself on tenterhooks as various scams in the telecom and the mining sector came under the prying eyes of the Supreme Court.
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.
In regards to the ownership of Loop Telecom, the CBI was initially confident of coming up with a charge sheet against the Ruias. However, CNBC-TV18’s Siddharth Zarabari reports a portion of the CBI believes that this is a case of corporate greed and not corporate fraud.
In-line with market expectations, the Ruia’s-owned Essar Oil has posted a net profit of Rs 469 crore y-o-y, mainly due to robust refining margins
Revising the deal, UK-based Vodafone today agreed to pay over USD 400 million more to its Indian partner Essar for buying its 33% stake in the joint venture Vodafone-Essar.