Essar looking to sell $1 billion in equity

Indian ocean carrier Essar Shipping Ltd. has designs on raising $1 billion through sales to equity firms and foreign investors to lessen its debt burden.

Essar, part of the Indian conglomerate Essar Group, reportedly has debts of $2.3 billion and has already made moves to reorganize the business, including merging with Essar's oilfield services division. According to Indian news outlets, Essar is also looking to merge its bulk terminal operations business with Essar Shipping.

Ports and logistics will become the main business of ESL and shipping will be an integrated part of its overall business, a report in the Economic Times said. The company has proposed to change the name to Essar Ports and Logistics for the above purpose.

Source:American Shipper