The IT services arm of Indian steel-to-oil conglomerate Essar Group is in talks to raise US$500 million to US$00 million through a US initial public offering and the sale of a stake to private equity firms, sources familiar with the matter said.

Essar's Aegis Ltd is in talks with private equity investors including US-based Warburg Pincus and General Atlantic to raise as much as USD 200 million in an equity placement prior to an IPO, sources said, declining to be named as they were not authorised to speak to the media before public announcement.  Aegis aims to raise as much as US$ 300 million to US$ 400 million in a US listing, the sources said.

Source: Money Control

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