Essar Group is planning to dilute stake in its Business Process Outsourcing arm Aegis Ltd, followed by an initial public offering, according to reports.
Reports stated that Ruia family would look at redeploying the proceeds in Essar’s core projects such as shipping, mining and oil, among others.
The group, which has already appointed Standard Chartered as the merchant banker, has also initiated discussions with a number of firms, says report.