July 2010 - Market Cap of £6bn ; Founded in 1969.
Floated on the LSE in May 2010
Indian parent Company Essar Group comprising Essar Oil & Gas, Essar Power.
Specialising in power generation & oil & gas operations in India

http://www.essarenergy.com/

Essar - high growth potential 180 target

Essar Energy: Nomura lowers target price from 180p to 170p, while leaving its buy recommendation unaltered.

SELL
I have a change of view on Essar and I think it due a drop from here. Today's close below 136.7 confirms yesterdays start of a correction.

Interesting article on the front page of Sunday Times Business today ,sorry can't get the online version.

EDIT here it is .........
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The Sunday Times

Essar takeover a blow to City credibility
Danny Fortson
Last updated February 16 2014

Indian billionaires line up Kremlin bank to back cheap offer for power giant, leaving London investors out of pocket

INVESTORS will this week receive another mauling from a disastrous foreign float when a billionaire Indian family offers to buy back its company on the cheap.

The Ruias, one of India’s most prominent business dynasties, are this weekend putting the final touches to a takeover bid for Essar Energy, the power company they floated in 2010. It is thought the deal will be pitched at no more than 75p a share, a fraction of the 420p paid by investors who bought in four years ago.

The Essar collapse is another blow to the reputation of the London market, which welcomed the listing of foreign oil, gas and mining companies but has seen some investors badly burnt.
Last year the founders of ENRC, a Kazakh miner beset by corruption allegations and boardroom bust-ups, took the company private at less than half the float price.
It is understood the offer from the Ruia family could come in the next few days. VTB, the Russian state-controlled bank, has been lined up to finance the bid. The company is expected to create an independent committee led by Philip Aiken, the senior independent director, to assess any offer.
Essar, which operates coalmines and power plants in India, employs 1,500 people at the Stanlow oil refinery in Cheshire.
Investors could have an even worse experience than with ENRC. The business admitted on Friday that Essar Global Fund, the family’s holding company, which has a 78% stake, was considering making an offer at a “modest premium” to Thursday’s closing price of 60p for the rest of the shares.

The family will need to raise about £500m to pay for the remaining stock and to buy out a convertible bond.
It is unclear whether the offer would be made in the form of a scheme of arrangement, which would require 75% approval from non-family shareholders, or a straightforward takeover bid requiring approval from only half of the shareholders. The Ruia family will be barred from voting its 78% stake, but investors are still likely to sell out.

When it floated, Essar was the latest in a series of foreign groups that enticed investors with the opportunity to tap into the soaring economic growth of the develop- ing world. It quickly joined the FTSE 100 roster of the biggest public companies.
Essar’s share price hit a high of 589p in 2010 but since then has slumped nearly 90%. The company dropped out of the FTSE 100 in 2012 as it battled with delays to plant openings and Indian regulators’ demands on mines. It was then hit with demands for hundreds of millions in back taxes.

Slower-than-expected growth in the Indian economy further hindered the company, and trading in the stock fell to a trickle as institutions shunned it.
The brothers Shashi and Ravi Ruia started the mother company as a shipping and construction operator in 1969 and transformed it over four decades into a conglomerate spanning telecoms, oil, ports and steel.
They employ 75,000 people. Shashi’s son Prashant is the chairman of Essar Energy.

Bankers at VTB and Barclays were this weekend working to hammer out the details of a bid. It is thought that JP Morgan is advising the company.

Essar declined to comment.

From FT "India’s billionaire Ruia family are putting the final touches to an improved offer for Essar Energy as they push ahead with plans to take the company back into private ownership.

The Ruias, whose initial buyout bid of 70p per share was rejected by minority shareholders last week for undervaluing the company, are working with advisers including Barclays, Russia’s VTB Bank and Clifford Chance, the law firm, on a higher offer, according to sources familiar with the plans."

June 10: delisted