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Article: Essar group pledges part holdings to raise $530 million as contribution towards expansion plans of Hutchison Essar.(FINANCING)(Brief article)
- Article from:
- India Telecom
- Article date:
- November 1, 2006
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The Essar group is to contribute part of its holdings in Hutchison Essar as they plan to raise $530 million for ongoing expansion plans. Hutchison Essar is the fourth-largest India-based mobile company, of which Essar holds 33 percent and Hutchison 67 percent. Standard Chartered Plc is to raise $410 million as a loan to be repaid in two years. The company is valued at $11.2 billion by Lehman Brothers; that puts Essar Holdings at $3.73 billion, due to which raising the loan would not be difficult.
Expansion plans include diverse areas. Essar Hazira is to scale up its capacity through an investment of $1.42 billion. The group's Holding company, Essar Global, is to put up ...