Essar Group, one of India's biggest conglomerates, is reportedly planning to raise about $2.5-$3bn by listing its energy and power unit on the London Stock Exchange in late April.
The steel-to-telecommunications conglomerate is said to seek funds to expand the business in what would be the country's biggest overseas listing.
A person familiar with the matter told Dow Jones Newswires that a final decision on the listing is likely to be taken in six to eight weeks.
Reuters writes that one source said the company will sell a 20% stake in the operations, while another said it could sell 20-25%.
New share issues from ShareCast
Essar plans $3bn IPO, reports
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