Essar Group to buy out the 20.33 per cent held by foreign shareholders

According to news reports, the Essar Group which has recently acquired BPL Communications, the holding company of BPL Mobile and BPL Cellular, will buy out the 20.33 per cent held by foreign shareholders in two stages. To start with, Essar will acquire the stake of AIG (8.99 per cent) and Actis (3.76 per cent) in allcash deals. Subsequently, it will start negotiations with Hong Kong’s TVG Capital Partners and Singapore’s Aidtel Holdings, which between them hold 7.6 per cent in BPL Communications.

Foreign shareholders have pumped in approximately $250 million for their 20.33 per cent stake in BPL Communications.