Essar Group, the Indian company whose businesses range from shipping to power, is considering listing infrastructure assets in London to raise about $750 million, three people with knowledge of the matter said.
JPMorgan Chase & Co. (JPM) and Credit Suisse Group AG (CSGN) are working with Essar on the initial public offering, which may take place as early as next year, the people said, declining to be named because the process is private.
The listing may include ports and other infrastructure assets, one person said. The deal may mark the biggest overseas IPO by an Indian company since May 2010, when another Essar unit, Essar Energy Plc (ESSR), raised 1.27 billion pounds ($2 billion).
The value of overseas stock sales by Indian companies fell to $274 million this year from $2.2 billion for all of 2010, as Europe’s debt crisis caused a global stock selloff.