Essar Group mulls listing infra assets in London-reports

MUMBAI Wed Oct 5, 2011 12:06am EDT

MUMBAI Oct 5 (Reuters) - India's diversified Essar Group, with businesses ranging from shipping to power, is considering listing its infrastructure assets in London to raise about $750 million, Bloomberg and Press Trust of India news agency reported quoting sources.

JPMorgan Chase & Co and Credit Suisse Group AG are working with Essar on the possible initial public offering (IPO), which may take place as early as next year, Bloomberg quoted people with knowledge of the matter.

Mumbai-based Essar declined to confirm the report.

"The group is always looking at various options available to it for raising capital, given its significant growth trajectory. As of now there is no specific transactions proposed and therefore your question is speculation," an Essar spokesperson said in an e-mail reply to Reuters on Tuesday.

Essar is mulling the possibility of listing the group's infrastructure businesses that include ports and shipping assets, the Press Trust of India reported.

The deal may mark the biggest overseas IPO by an Indian company since May 2010, when another Essar unit, Essar Energy Plc , raised 1.27 billion pounds ($2 billion), Bloomberg said.

The group has two firms, Essar Ports and Essar Oil , listed on the Indian bourses. (Reporting by Rajesh Kurup; Editing by Ranjit Gangadharan)

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