Essar Energy, the integrated energy company, has announced that following the quarterly review of the FTSE's U.K. Index series, its shares would be included in the FTSE 100 index of leading shares listed on the main market of the London Stock Exchange.
This will be effective following the close of the market on Friday June 18, with trading commencing on Monday June 21.
Tremendous accolade
In a statement, Ravi Ruia, Chairman, Essar Energy, said, “it is a tremendous accolade for Essar Energy to join the prestigious FTSE 100 index. This would increase our public profile in our position as a unique, London-listed vehicle to invest in the Indian growth story. We believe that our investment proposition will continue to deliver value for investors both in London and internationally.”
Essar Energy is India's second largest private power producer and it's initial public offering (IPO) raised 1,273 million pounds in April and was the largest primary listing in London since December 2007.
It is investing the proceeds of the IPO in its significant pipeline of growth projects in India including, to increase its power generation capacity from 1,220 MW to 6,100 MW in Phase-I and to 11,470 MW in Phase-II and to increase the throughput capacity of its flagship Vadinar oil refinery from 14 million tonnes to 18 million tonnes annually and its Nelson Complexity from 6.1 to 11.8.
Nelson Complexity Index is a measure of secondary conversion capacity in comparison to the primary distillation capacity of any refinery. It is an indicator of not only the investment intensity or cost index of the refinery but also the value addition potential of a refinery.
