Essar Group

SC to hear Ruia’s Petition on April 16

SC to hear Ruia’s Petition on April 16

As per recent reports, it has been revealed that the Supreme Court (SC) will hear the petition of Ravi Ruia, Vice-Chairman of Essar Group, in the case of second-generation (2G) spectrum allocation case on April 15.

Ruia filed a petition as summons was sent to him by a special court, which has been hearing the case. It seems that the SC has been making preparations before it hears Ruia's case. It has been revealed that the SC has taken the help of CBI to look in to the matter.

CBI again questions Essar's Prashant Ruia in 2G prob

CBI again questions Essar's Prashant Ruia in 2G probCBI after interrogating the Prashant Ruja, the Chief Executive Officer of Essar Group, had decided to frame a charge-sheet for the third time before 31st of May regarding the 2G scam wherein the detailed information about the suspected breach by the Loop Telecom company in order to secure a UAS license would be stated.

Deal between Essar and Zimbabwe government

Deal between Essar and Zimbabwe government

Recently an agreement has been signed by Essar Africa Holdings Ltd with the Zimbabwe government. It is among one of the companies which is under the Essar group. After having many discussions and rumors about it, the deal has been signed.

This is signed with an aim to encourage the country’s ailing and debt-laden steel company - Zimbabwe Iron and Steel Company (Zisco). The total outlay of Essar in Zisco is expected to be $750 million.

Essar Group Takeovers AGC Networks

Essar Group Takeovers AGC Networks

Essar Group has reported about its acquisition of AGC Networks for Rs 206 crore. The essar group took the 59.13 percent stake of Avaya in AGC, subject to customary regulatory requirements and completion of the open offer.

AGC Networks, earlier known as Avaya GlobalConnect, is a converged communication solution provider focused on India and Australia. The current management is expected to continue and spearhead the business post-closing.

Buying 59% stake in Avaya for Rs 206cr; Essar Group

Buying 59% stake in Avaya for Rs 206cr; Essar Group

The Essar Group has agreed to buy 59% stake in global business communications leader AGC Networks for Rs 206.19 crore, as it strives to boost outsourcing services.

Essar Group will pay Rs 245 a share for the stake in AGC Networks, from US network equipment maker Avaya.

The acquisition would be done through Essar Services Holdings Limited (ESHL). Essar Capital Finance Private Limited (ECF) along with ESHL would come out with an open offer for an additional 20%, as required by market regulator SEBI for Rs 78 crore.

Essar to Raise Up to $3 Billion in IPO

Essar to Raise Up to $3 Billion in IPOIndia's Essar Group has revealed its to raise nearly $2.5 billion to $3.0 billion by listing a unit on the London Stock Exchange, a person familiar with the matter claimed Monday, as the steel-to-telecommunications conglomerate look for funds in a bid to widen its power and refining businesses.

Essar Approves to Acquire Trinity Coal of US

Essar Approves to Acquire Trinity Coal of USEssar Group, one of India's biggest conglomerates, is revealed to extend its approval to acquire control of Trinity Coal of the US for $550m-$600m in a deal pointing the return of the country's industrial groups to the global acquisition trail.

Also, it plans to use the coal to service its steel plant and iron ore operations in North America.

Essar seals Kenya refinery deal, to retail fuel

Essar seals Kenya refinery deal, to retail fuelMr. Prashant Ruia, Chief Executive of Essar Group, on Friday announced that the company will establish fuel stations in Kenya after uprating the refinery in Mombasa.

He talked about the establishment after the Mumbai-based firm officially adopted a 50% stake in Kenya Petroleum Refinery Limited (KPRL) after purchasing out 3 oil majors that owned it jointly with the Kenyan government.