MUMBAI Oct 5 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
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),
The group has two firms, Essar Ports and Essar Oil
, listed on the Indian bourses.
(Reporting by Rajesh Kurup; Editing by Ranjit Gangadharan)