Page 4 - Essar Group
Essar completes sale of BPO business to Capital Square Partners
Ruias-led Essar Group said it has concluded the sale of Aegis BPO to Capital Square Partners for $300 million (nearly Rs. 2000 crore). This marks the exit of Essar Global's from the business process outsourcing business and now it is wholly owned by the Singapore-based Private equity firm. Essar group has been under pressure to sell assets and repay its loans. The group had also started a process to sell 98 per cent stake in Essar Oil to a consortium led by Russia's oil major Rosneft for $10.9 billion and another $2 Billion for related infrastructure assets. The group said that proceeds from the sale of Aegis BPO and Essar Oil have enabled it to retire nearly Rs 75000 crore of debt."The closure of this transaction is in line with Essar's intent to reduce leverage that is complemented by an asset monetisation programme. The transaction also marks Essar Global's complete exit from the BPO business after creating significant value through organic growth and strategic acquisitions that ...
 "Essar completes sale of BPO business to Capital Square Partners")
Essar seeks Rs 4K cr refund from I-T dept
The tax department is, however, contesting the claim of Essar Communications
 "Essar seeks Rs 4K cr refund from I-T dept")
Essar consortium forays into LNG business, bags Haldia terminal project
Plans to develop solution to tap requirements of primary, secondary hinterland with evacuation route
 "Essar consortium forays into LNG business, bags Haldia terminal project")
M&As set $81 billion record in 2016
Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo
 "M&As set $81 billion record in 2016")
Essar Group's smaller lenders raise concerns over Rosneft transaction
The syndicate of lenders also indicated a possibility of legal action against the Essar-Rosneft deal
 "Essar Group's smaller lenders raise concerns over Rosneft transaction")
ICICI, Axis, StanChart get back $2.5 billion of Essar loans
The two Indian lenders with an exposure of $1.5 billion will get back nearly half their money
 "ICICI, Axis, StanChart get back $2.5 billion of Essar loans")
Essar Oil to more than double filling stations to 5,000
The company also expects sales volume to touch 10 million KL over the next two-three years from 2.5 million KL now
 "Essar Oil to more than double filling stations to 5,000")
Essar to invest Rs 750 cr more in Hazira terminal
This takes Essar Group's total investment in Hazira port to Rs 3,200 cr
Essar exits from Kenya Petroleum Refineries for $5 million
After this deal for an estimated value of about $5 million, the Kenyan government will own 100% stake in the company
 "Essar exits from Kenya Petroleum Refineries for $5 million")
Essar Group company sells entire stake in Kenya Petroleum Refineries
Essar Energy became a shareholder in Kenya Petroleum Refineries in July 2009
Essar pins hopes on oil share sale
Group expects debt to come down by half with Rosneft deal
 "Essar pins hopes on oil share sale")
Complaint against Essar forwarded to Home Ministry
Lawyer Suren Uppal alleges that Essar Group ordered its former security chief Albasit Khan to tap into its business rivals' telephone conversations
 "Complaint against Essar forwarded to Home Ministry")
Essar Group accused of tapping VVIPs, politicians & rivals' phones: Reports
Tapping said to have taken place between 2001 and 2006 and also mentions conversations involving PMO officials from Vajpayee regime
