essar group

The Aegis sale was announced on this April 3 and involved AGC Holdings Mauritius, a wholly-owned portfolio company of Essar Global, selling 100 per cent stake in ESM Holdings Mauritius, the holding company of Aegis, to CSP, a Singapore-based private equity fund.

The $27-billion, steel-to-software essar group is the first Indian corporate to receive the go-ahead from the Reserve Bank of India (RBI) for refinancing expensive rupee loans with cheaper dollar credit.

Essar Africa Holdings, an international subsidiary of the essar group, may be asked to bring in a local partner in Zimbabwe for reviving a steel mill and to develop an iron ore mine that Essar had acquired last year for $750 million.

With this deal, AM/NS India will be able to realise further synergies from rising throughput at the port assets as a result of the company’s planned expansion of steel production capacity.

The Ruia brothers-owned $35-billion essar group has found a new friend in Russia to fund its projects.

Telecom giant Vodafone has agreed to pay Rs 3,400 crore to the essar group over and above the fair market price if the company exercise the option of selling its 33% or less stake in their India joint venture.

Essar Steel, part of the diversified essar group, hopes to raise $2 billion from overseas by the end of first quarter of the current financial year, to retire the rupee debt, which will help reduce its interest outgo, a top company official said.

The essar group on Friday recast the top management of its oil business, making Naresh K Nayyar as the deputy chairman of Essar Oil. A former IndianOil man and a head honcho of Mittal Energy, he is the first person outside the promoter Ruia family to be elevated to this level.

Ahead of the commissioning of a new 8,000-tonne per hour ship loader, the essar group run Vizag Port is shutting its operations for seven days. The commissioning of the ship loader is part of the port's Rs 830 -crore modernization and expansion project,the port said.

Ruias-owned Essar Energy Plc has decided to put $3.1 billion worth of power projects, totalling 2,970 mega watts (MW), on hold as it struggles to get various approvals related to coal sourcing, environment and land acquisition.

The state-owned life insurer has spelt out that it would issue a ‘no-objection certificate’ (NoC) for the $13-billion deal only after Essar clears all dues.

Loop Telecom was not only a front company of essar group but it received all its funds from the group itself and banks cleared loans to Loop only when essar group companies gave corporate guarantees, the CBI has said in its chargesheet.

Essar Energy chairman Ravi Ruia today stepped down after the CBI alleged that he had suppressed facts about an essar group holding in Loop Telecom.

essar group, which silently entered the consumer durable and IT (CDIT) retail segment through acquiring Impact Retail in 2010, has noiselessly exited from the electronic goods business segment as it failed to turn around the loss making CDIT unit and closed down its showrooms across seven cities, where it operated.

They sat watching cartoons on TV a day after their mother was arrested in faraway Delhi on charges of acting as a conduit/courier for Maoists.

Ruias-owned essar group on Sunday announced acquisition of majority stake in Dhabi Group's Warid Telecom operation in Uganda and Congo, a move that would further strengthen Indian firms' presence in South Africa.

In its fresh chargesheet in the 2G spectrum scam case, CBI has specifically talked about essar group director Vikas Saraf’s role in handling the takeover of Loop Telecom and also about Loop being controlled by Essar.