Ravi Ruia News
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Over the last decade London became a second home for billionaire resources oligarchs attracted by its stability and flexible tax laws.
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Essar Group, owned by billionaire brothers Shashi and Ravi Ruia, is targeting $35 billion in revenue in three years as it taps demand for infrastructure in Asia’s third-largest economy.
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Essar Energy Plc, an Indian oil refiner and power-plant operator, said Chairman Ravi Ruia will temporarily step aside as Indian authorities investigate a sale of licenses to run mobile-phone services.
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Essar Oil Ltd., the Indian refiner controlled by the billionaire Ruia brothers, will freeze expansion plans in a bid to cut costs and debt.
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Reliance Industries Ltd. and Essar Oil Ltd., operators of India’s two biggest refineries, face at least a two-year wait to profitably retail diesel, as the government prolongs the process of completely freeing prices.
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Essar Oil Ltd., the operator of India’s second-largest non-state refinery, may halt diesel exports from the country’s west coast by 2016 to concentrate on demand from domestic users.
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Indian billionaire Ravi Ruia flew to Africa every month for the past 18 months, buying coal mines in Mozambique, half an oil refinery in Kenya and a call center in South Africa for his Essar Group.
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Reliance Industries Ltd. plans to spend more than $2 billion on Venezuelan oil fields, betting President Hugo Chavez’s failing health won’t lead to political upheaval, said a person with direct knowledge of the decision.
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Essar Oil Ltd., the operator of India’s second-biggest non-state refinery, challenged a claim by the Gujarat state government to pay 25 billion rupees ($454 million) as interest on sales tax dues.
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The largest emerging markets, whose economies grew more than four-fold in the past decade, are making losers out of everyone from central bankers to Procter & Gamble Co. as their currencies post the biggest declines since at least 1998.
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