According to sources, Essar's Aegis Ltd is in talks with private equity investors including Warburg Pincus and General Atlantic to raise as much as $200 million in an equity placement prior to an IPO.
Aegis aims to raise as much as $300 million to $400 million in a U.S. listing, the sources said.
This would be the second global listing from the $17-billion conglomerate, after it raised $2.5 billion in London listing of its energy arm in 2010.
The company intends to complete the fund raising procedures in the next couple of quarters, said the sources.
