I think its a mere eyewash to woo the investors back & one can see them doing this now following the announcement to list on the london stock exchange (LSE) & the new remodelled look being projected by the recent adverts too. I would say to be cautious as its too early to believe that they really want to change from the past records!!
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The news seems to be Ok with a view that Last year, IDFC through India Infrastructure Fund (IIF) invested Rs 350 crore for a 1.5% stake in Essar Power to fund the latters expansion plans. The transaction valued the unlisted power entity at Rs 23,000 crore. IIF is sponsored by IDFC, Citigroup and IIFCL and has been set up as part of the India Infrastructure Financing Initiative that was launched last year to deploy $5 billion in capital for infrastructure projects across the country.
Moreover such expansion is for captive consumption to meet the demand of proposed 5 MT integrated steel plant to be set up in same location. I feel its a genuine news.