BILLIONS POUR IN FOR INDIA'S INSULATED SUPERCLASS
The subcontinent's elite have a huge market all to themselves – and a vast gap is opening up between rich and poor
Elliot Wilson
The Observer, May 9, 2010
Brothers Shashi and Ravi Ruia and Shashi's son, Prashant, have been busy. They have just spun out the power and oil interests from their sprawling Essar conglomerate, one of India's largest, and floated it on the London stock market as Essar Energy, in the biggest UK listing in more than two years. The £1.2bn float got off to a shaky start, with shares tumbling 7.2% on the first day, but will propel Essar into the FTSE 100 index at its next reshuffle.
The Ruia family's bank account may get another boost from Vodafone, which in 2007 made the leap into the Indian mobile telecoms market, buying two-thirds of an Indo-Hong Kong corporation, Hutchison Essar. The British group now has to decide whether to exercise an option to buy out the Ruias' 33% stake in Vodafone Essar for at least £3.3bn.
The money keeps rolling in for the Ruias, one of India's wealthiest and most powerful dynasties. Collectively the family ranks 40th on Forbes' Rich List 2010, with a fortune of £8.6bn drawn from interests spanning steel, energy, power and shipping.
(...) [artículo aquí]
The subcontinent's elite have a huge market all to themselves – and a vast gap is opening up between rich and poor
Elliot Wilson
The Observer, May 9, 2010
Brothers Shashi and Ravi Ruia and Shashi's son, Prashant, have been busy. They have just spun out the power and oil interests from their sprawling Essar conglomerate, one of India's largest, and floated it on the London stock market as Essar Energy, in the biggest UK listing in more than two years. The £1.2bn float got off to a shaky start, with shares tumbling 7.2% on the first day, but will propel Essar into the FTSE 100 index at its next reshuffle.
The Ruia family's bank account may get another boost from Vodafone, which in 2007 made the leap into the Indian mobile telecoms market, buying two-thirds of an Indo-Hong Kong corporation, Hutchison Essar. The British group now has to decide whether to exercise an option to buy out the Ruias' 33% stake in Vodafone Essar for at least £3.3bn.
The money keeps rolling in for the Ruias, one of India's wealthiest and most powerful dynasties. Collectively the family ranks 40th on Forbes' Rich List 2010, with a fortune of £8.6bn drawn from interests spanning steel, energy, power and shipping.
(...) [artículo aquí]
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