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7 May 2010
07/05/2010 The London Stock Exchange welcomes Essar to the Main Market

The London Stock Exchange today welcomed Essar Energy plc (ticker: ESSR) to mark the first day of unconditional trading in its ordinary shares on the main market of the London Stock Exchange. This followed Essar Energy’s IPO which raised £1,273 million, the largest primary listing in London since December 2007, valuing the company at £5,473 million.

Essar Energy is a world class, low-cost; India focused energy company with a diverse portfolio of power and oil and gas assets and is sponsored by the Essar Group, one of India's premier companies with over four decades of operational history. This issue is the Essar Group's first offering to international investors outside India.

Essar

Essar Energy plans to use the proceeds of the transaction to increase its power generation capacity from 1,220 MW to 6,100 MW in Phase I and 11,470 MW in Phase II; to increase the throughput capacity of its flagship Vadinar refinery to 18mmtpa and increase its Nelson Complexity from 6.1 to 11.8; and develop its interests in 14 prospective oil, gas and coal seam gas exploration blocks around the world.

 Ravi Ruia, Chairman of Essar Energy said:

“This is a significant transaction for the Essar Group and India. Despite turbulent global markets, we have made the largest debut on the London market since 2007. The underlying fundamentals of our business remain strong. India’s growing demand for energy remains a significant opportunity, and one that we are confident that we are well placed to meet.”

J.P. Morgan Cazenove acted as the Sole Financial Adviser and Sole Sponsor for the Offer and together with Deutsche Bank AG, London Branch (“Deutsche Bank”) were the Joint Global Coordinators and Joint Bookrunners. BNP PARIBAS, Nomura International plc and Standard Chartered Securities (Hong Kong) Limited acted as co-managers.

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