Essar Group CEO: In Preliminary Talks For Vodafone Essar IPO

NEW DELHI (Dow Jones)--Essar Group, the diversified Indian conglomerate, said Thursday it is in early talks with Vodafone Group PLC (VOD) for an initial public offering of their telecommunications joint venture, Vodafone Essar Ltd. "It is in preliminary discussions," Essar Group Chief Executive Prashant Ruia told reporters Thursday. "We have time until May on our put option (for the holding in Vodafone Essar)." Essar has a 33% stake in the mobile phone joint venture and Vodafone owns the remainder. Ruia also said that Essar may consider acquiring assets of BP PLC (BP) in Africa. "It is in early process," he said when asked if Essar is interested in BP's African assets. -By Rakesh Sharma, Dow Jones Newswires; +91-11-4356-3305; santanu.choudhury@dowjones.com (END) Dow Jones Newswires July 29, 2010 04:41 ET (08:41 GMT)