The Ruias-promoted Essar Shipping Ltd (ESL) is gearing up for the next phase of financial restructuring. After hiving off its oilfield, port and logistics businesses, the company is now planning to sell equity in these subsidiaries. The company, part of the Mumbai-based conglomerate Essar group, is looking to rope in strategic partners for its operations in oilfields and ports, by diluting strategic equity stake in these businesses. To meet the fund requirements, sources suggest that Essar Shipping is also planning to go for an overseas listing. For this purpose, at present $2.5 billion capex is underway and it is also looking to partner with private equity funds. As part of the expansion strategy, Essar Shipping is also firming up its plans to bid for port projects in Africa and South East Asia. In addition to port projects, ESL would also start operations in Vietnam and Trinidad & Tobago, where the group company Essar Steel is setting up new plants
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