Essar Global

Essar Global offers 70p per share for remaining 22% stake in Essar Energy

Essar Global offers 70p per share for remaining 22% stake in Essar Energy

Essar Global Fund Ltd has made a possible offer of 70 pence per share for the remaining 22 per cent stake in its British subsidiary Essar Energy Plc that it doesn't own.

The proposal, which represents a modest premium to Essar Energy's Thursday share close of 60 pence on the London Stock Exchange (LSE), values the London-listed oil & energy firm at more than 900 million pounds.

Last Friday, Essar Global said that it could make a bid to acquire the remaining stake in Essar Energy on its own or as part of a consortium.

CB&I bags contract worth $45 million from Essar Gujarat

Chicago Bridge & Iron (CB&I), through Lummus Technology, has been awarded an engineering contract worth US$ 45 million by Essar Gujarat Petrochemicals Ltd., for technology licenses and basic engineering related to a major grassroots petrochemicals complex in Vadinar, Gujarat, India.

The technologies to be offered include ethylene, ethylbenzene/styrene monomer, butadiene extraction, MTBE/ETBE/butene-1, and cumene/phenol.

Essar Global to spend $500 million in Econet Wireless Kenya

India's Essar Global has informed that it will invest $500 million over two years in Kenya's newest mobile phone service operator, Econet Wireless Kenya, for the set up of network.

According to company, the funds will go toward payment for licenses for other telecommunications services and the establishment of a wireless broadband service.

The company through its subsidiary, Essar Communications Holdings had bought 49% of South Africa-based Econet Wireless International in December 2007, which in turn holds 70% of Econet Wireless Kenya Ltd.