Essar Energy
Essar Energy plc is Mauritius-based Indian energy company with assets in the power and oil and gas businesses. Headquartered in Port Louis, Mauritius and subsidiary of Essar Group, the firm has interests in both the power generation and petroleum industries. In May 2014 the company was acquired by its majority shareholder, Essar Global Fund Limited. History. Established in 1998 as a wholly owned business unit of the Essar Group conglomerate, the business was floted on the London Stock Exchange in April 2010, marking the exchange's largest initial public offering since December 2007. The company was added  to the FTSE 100 Index at the subsequent quarterly review. Essar Global Fund Limited retained an approximate 76% stake in Essar Energy. The lead underwriters to the initial public offering were JPMorgan Chase and Deutsche Bank. The primary offering raised £1.3bn. Ravi Ruia, the Chairman, and Sanjay Mehta, a senior board member of Essar Global Limited, were identified in an "Economic Times of India" article as instrumental in the listing. Essar Energy announced in 2013 that it would sell its 50% stake in the Kenya Petroleum Refineries Limited to the Kenyan governmen and, in May 2014, the company was  acquired by its majority shareholder, Essar Global Fund Limited. "The Sunday Times" reported on 26 September 2021, that the company was conducting urgent talks with HM Revenue and Customs to prevent it from collapse. The company reached an agreement with HM Revenue and Customs on 29 September 2021. Operations. Power plants. Essar Energy has an installed power generation capacity of 3,910 MW across six plants. Petroleum. The company has an 86% interest in a joint venture with Reliance Petroleum. Essar Oil also owns and operates Essar Refinery, a petroleum refinery at Vadinar in Gujarat's Jamnagar district. It is India 's second largest refinery, which has a capacity of 18 million metric tons per annum. The company holds both onshore and offshore petroleum exploration and production rights in India, as well as rights to a coalbed methane block. The firm also holds exploration and production interests in Nigeria, Vietnam, Australia, Indonesia, and Madagascar. In June 2012 Essar Energy received the final forest approval for developing a coal mine in Indonesia.