Essar eyes London listing of infra assets

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 (PTI) news agency reported quoting sources.

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 (PTI) news agency reported quoting sources.

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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 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 transaction proposed," an Essar spokesperson said in an email.

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

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