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Essar Group readies £5bn London listing

INDIAN conglomerate Essar Group is readying plans for an $8bn (£5.3bn) listing of its oil and power arm on the London Stock Exchange.

The Mumbai-based group, owned by billionaire brothers Shashi Ruia and Ravi Ruia, is thought to be planning to list a holding company for its exploration, power, refinery and production businesses.

The group has been receiving financial advice from JP Morgan Cazenove and Deutsche Bank, although both declined to comment yesterday.

It will be the largest ever flotation of an Indian company on a foreign exchange, putting it ahead of Vedanta Resources, which raised $1bn when it listed on London’s main market in 2003.

Last week, Essar acquired US coal group Trinity Coal for $600m (£396m).

Essar refused to comment.