Essar

Essar Holds On To Loop

Essar Holds On To Loop

Controversy has settled in as Essar holds in on Loop, Corporate Affairs Minister Murli Deora announced that Ruia’s stake is less than 10% in the Loop Telecom and the Ministry stands according to the reports.

Essars has stated that it will continue a holding in Loop Telecommunications below 10% and the Ministry has already given two reports to the Central Bureau of Investigation. The CBI claimed that the Essar Group has a 10% stake in Loop during the time of award for the 2G spectrum license.

Objection from Vodafone over Essar’s plan

Objection from Vodafone over Essar’s plan

London-based Vodafone Group Plc has objected the plan of its Indian partner Essar Group. It has objected the plan to value the stake which is held in India's third largest mobile phone firm by subscribers, Vodafone Essar Ltd.

A legal approval has been sought by Essar Group from the Madras high court. This was done to combine unlisted Essar Telecommunications Holdings Pvt. Ltd (ETHL). It owns an 11% stake in Vodafone Essar Pvt. Ltd, along with listed India Securities Ltd (ISL). On Thursday it is expected that the fusion proposal will occur for a trial.

Essar Steel buys UK steel processor

UK-based Servosteel (Oakside Solutions) has been acquired by Essar Steel International BV, a subsidiary of Essar Steel Holdings. Servosteel is the largest independent steel processor for an undisclosed amount.

Servosteel can process steel which amounts to 500,000 tonnes a year. It is capable of processing the entire flat product range including hot-rolled coils, cold-rolled coils, hot-rolled pickled, galvanized and co lour-coated products.

Essar Energy Slashes Asking Rate of London IPO

Essar Energy Slashes Asking Rate of London IPO

It has been reported that Essar Energy has slashed its asking price for the London IPO to about 420 pence for every share taking the price to about $2.5 billion, which is incidentally very much below the initial price range that they had planned for the IPO.

It was previously reported that Essar was actually considering lowering the prices but it was not expected that they would actually go below the price range of 450p - 550p, which was announced before formally announcing the rate which they have decided upon.

Limitless GPRS services Launched by Vodafone Essar at Rs 95

Limitless GPRS services Launched by Vodafone Essar at Rs 95

The launch of limitless GPRS-based mobile internet facilities was declared by Vodafone Essar, for its prepaid users in Karnataka, at a monthly rental of Rs. 95. A three day limitless GPRS pack is also obtainable for Rs. 16. Prepaid subscribers would require sending a SMS ACT GPRS to 144 or calling 121.