India’s Essar Group is offering the public shares in its power and offshore divisions as part of a massive IPO, the largest of its kind in London for three years.
In recent years Essar has moved into international markets and expanded its business offering, sparking off growth that could see it enter the FTSE 100 in June.
Valued between £6.2bn ($9.5bn) and $11bn, Essar is selling shares from 450 to 550p for 20% of its oil and 25% of its power assets.
Essar Energy is registered in the UK and has two gas-based plants (500MW and 515MW) in Bhander and Hazira, India, a 120MW co-generation plant in Vadinar and an 85MW plant in Algoma.
It has power plant expansion projects underway and clear plans for expansion in this area, according to analysts.
This includes three coal-based plants of 1,200MW each in Gajurat, Madhya Pradesh and Jharkhand as well as other projects for power and steam provision for refinery use.
It also has refineries on the west coast of India and oil retail outlets and is active in oil and gas exploration around the world.
It has a 50% stakes in Kenya Petroleum Refineries.