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Essar group

Ruia family secures majority votes to win Essar governance battle

September 6, 2012

The family behind Essar Energy, a London-listed subsidiary of India’s Essar Group, appears to have won its battle against a British lobby group that had criticised its corporate governance practices.

At the family-controlled business’s annual general meeting on 4 September, family member Prashant Ruia was re-elected as a director of the company, with 99.73% votes in his favour.

More setbacks hit Indian family business Essar Group

February 28, 2012

It is often said that bad news comes in threes. But it probably doesn’t hold true for Essar Energy anymore after the company, a subsidiary of Indian family business Essar Group, was hit by yet another setback this week.

Family-controlled Essar Group loses billion-dollar tax case

January 18, 2012

Essar Energy, a subsidiary of Indian conglomerate Essar Group, is facing more setbacks after the family business lost a billion-dollar-plus tax case.

“We are looking at legal options and we will file a review with the Indian Supreme Court within the next 30 days,” a spokesman for the company told CampdenFB.

Family-controlled Essar Group denies involvement in telecoms case

December 13, 2011

Indian conglomerate Essar Group has denied being involved in a multi-billion-dollar telecoms case, after the family business head was charged by the country’s investigative body.

Essar Group’s family considers infrastructure IPO

October 4, 2011

India’s family-controlled Essar Group is considering listing its infrastructure and ports division in London, with the aim of raising additional capital for further expansion.

The Mumbai-based company, whose operations span steel manufacturing to shipping, is eyeing an initial public offering by early 2012, according to a report in Bloomberg.

Family-controlled Essar Energy hopes to expand overseas

August 23, 2011

Essar Energy, a subsidiary of the Mumbai-based family business Essar Group, is looking to expand its operations overseas, in a bid to meet rising demand for oil and gas.

M&A: Families on the front foot as recovery boosts M&A activiy

August 26, 2010

Marc Smith analyses the trends

Just a few years ago they were analogous to the gluttonous charicatures in a Hogarth painting, but M&A deals have been on the equivalent of a corporate Atkins diet of late.

The biggest deal this year involves a family-controlled Indian business in the telecommunications sector with a price tag of $11 billion.

In sharp contrast, when we last covered the family business M&A story in the summer of 2007, the largest deal was a joint $96 billion bid for ABN Amro by the Botin family-controlled Santander group in partnership with RBS and Fortis.

M&A: Top family businesses M&A deals 2010

August 25, 2010

The M&A market has been transformed over the last few years as the mega deals of the boom years have given way to more modest strategic transactions. Here are the year's largest M&A deals involving family firms

01 $11 billion Reliance Infratel's merger with GTL Infrastructure

Essar's energy unit has big ambitions in India and beyond

August 20, 2010

India-based Essar Energy, a subsidiary of family-owned Essar Group, released half-year results showing a profit before tax of $154.4million, a decrease from $233.6million in the same period a year ago.

However, second-generation Prashant Ruia, vice chairman of Essar Energy, said: "In terms of the actual results of the company we have been more or less in line with our projections. On the refining side, production has totalled 7.2 billion tonnes which has been a record."

Essar Energy raises £1.2 billion in IPO

May 4, 2010

India-based Essar Energy, a subsidiary of the family-owned Essar Group, raised £1.2 billion on Friday in an IPO on the London Stock Exchange.