Bloomberg cited Essar Group’s CEO as saying that it may sell stakes in its oil and shipping units as part of a global expansion plan.
Mr Prashant Ruia CEO of Essar Group in an interview in Mumbai told that “There is enough headroom in these two companies so over the next couple of years we will consider increasing the free float.”
Mr Ruia, while saying that details have not been worked out, told that “We would like to go to the market to raise funds when the time is right.”
He added that “First there will be some activities in the companies that are already listed.” There are no plans to sell shares in the holding company.”
He also said that “Raising finances is not a problem if the fundamentals of the projects are strong.”
As per report, Essar Steel plans to raise annual output to 15 million tonnes during the next year. It would more than double domestic capacity from 4.6 million tonnes to 10 million tonnes and will increase output at its Canadian unit to 4 million tonnes a year.
(Sourced from www.steelguru.com)
Wednesday, October 7, 2009
Essar may sell stakes oil and shipping to fund global Expansion
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