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  • Reuters3 years ago

    Battle over Essar-led project reflects India's new mining pains

    MAHAN FOREST, India, March 20 (Thomson Reuters Foundation) - - W ith an axe on one shoulder and lugging a large log over the other, Bhajandhari Kushwaha emerges from the dense Mahan forest in central India with his dog by his side after a day of foraging and wood cutting. For Kushwaha, the timber, leaves and seeds of this centuries-old forest not only sustain his family of five, they represent a vital part of his community's cultural identity that has suddenly come under threat from two of India's largest mining companies. We get everything from it," says the 45-year-old, vowing to fight plans by Mahan Coal Ltd (MCL) - jointly owned by London-listed Essar Energy Plc and the Aditya Birla-owned Hindalco Industries Ltd - to mine part of the 1,000-square-km (385-square-mile) woods for coal.

  • Bloomberg3 years ago

    Investors Seek Legal Advice on Essar Energy Delisting: Sky Link

    { http://bit.ly/O7hhpw } To contact the reporter on this story: Angelina Rascouet in London at arascouet1@bloomberg.net

  • Bloomberg3 years ago

    Essar Energy Directors Say $1.5 Billion Bid From Parent Too Low

    Essar Energy Plc (ESSR) said a bid from the company’s parent group valuing the owner of oil refineries and power stations at $1.5 billion is too low. An independent board committee assigned to evaluate the 70-pence-a-share ($1.17) offer from Essar Global Fund Ltd. unanimously agreed to reject it, according to a statement today. Essar Energy’s assets include the Stanlow oil refinery in northwest England and power stations in India. “The current proposal from EFGL clearly undervalues the company and its long-term growth prospects,” Philip Aiken, chairman of the committee, said in the statement.