Share |

Essar Energy announces listing as Ruia family plots global expansion

India-based Essar Energy, a subsidiary of the family-owned Essar Group, announced today it is planning to list its shares on the London Stock Exchange and expects to raise $2.5 billion.
 
The IPO will be one of the largest by an Indian company on the LSE and Essar said it hopes to be considered for inclusion in the FTSE 100 Index upon completion of the listing.
 
Founder and chairman of Essar Energy, Ravi Ruia, said: "A London listing gives us an excellent platform to showcase the potential of the Indian market to the world and to give investors a unique, London-listed, liquid vehicle to access and share in the Indian growth story."
 
The revenue generated from the listing will be used to fund future business expansion, according to Essar Energy vice chairman and second-generation family member Prashant Ruia. "Now is the right time to open the business up to global capital, to fuel our future growth ambitions and to address India's significant energy deficit," he said.
 
Last month saw the Essar Group showcase its expansion intentions when it purchased the US-based Trinity Coal Partners LLC for $600 million. (Click here to read our coverage of the story)
 
The Essar Group was founded in 1969 by brothers Shashi and Ravi Ruia, who still serve as chairman and vice chairman respectively. Today the group has revenues of $15 billion with company interests in steel, energy, power, minerals, telecoms and shipping. The family still owns a majority share in all the group's subsidiary companies and the six-member board is made up entirely of first and second-generation family members.

Picture: An Essar refinery in India

Want to get the latest family business/family office news direct to your desktopClick here to register to receive our weekly newsletter

Are you a member of a multigenerational family business or family office? Click here to subscribe to our magazines

Click here >>
Close