Essar Group to hive off shipping division

The Essar Group is reportedly thinking of diluting its stake in its shipping and oil divisions as part of a global expansion plan.
Indicating this, Mr Prashant Ruia, Chief Executive Officer, explained that,"there is enough headroom in these two companies. So over a couple of years, we will consider increasing the free float".
Since refiners, steel companies and telecom operators were expanding with stimulus packages lifting the global economy, Essar is buying oil refineries, steel plants and coal and iron ore mines.
Since such acquisitions and expansion require a lot of finances, the Essar Group may like to go to the market to raise funds when the time is right, he said.
The details had not been worked out, Mr Ruia admitted. "First there will be some activities in the companies that are already listed." At the same time, he affirmed that there were no plans to sell shares in the holding company, Exim News Service reports.
(Surce: Transport Weekly)