Mumbai: Essar Group, the conglomerate whose businesses range from shipping to power, is considering listing infrastructure assets in London to raise about $750 million (nearly 3,700 crore), three people with knowledge of the matter said.

JPMorgan Chase and Co. and Credit Suisse Group AG are working with Essar on the initial public offering (IPO), which may take place as early as next year, the people said, declining to be named because the process is private. The listing may include ports and other infrastructure assets, one person said.

The deal may mark the biggest overseas IPO by an Indian company since May 2010, when another Essar unit, Essar Energy Plc, raised £1.27 billion. The value of overseas stock sales by Indian companies fell to $274 million this year from $2.2 billion for all of 2010, as Europe’s debt crisis caused a global stock sell-off.

“Every day we hear bad news from Europe, but I think things will start looking up after six months, and that may be a good time for a London listing," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd.

“Essar should benefit from huge demand in the infrastructure space in India," he said.