Essar Global Fund Ltd (Essar Global), the holding company of the Essar Group of companies, on Monday reached yet another milestone in deleveraging by repaying the last tranche of debt of Rs 12,000 crore (US$1.75 billion) to its various Indian and foreign lenders.
ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India Ltd, with a bid of ₹500 crore, against outstanding loans of ₹7,268 crore, said two bankers aware of the bid.
Ruia-family owned Essar Group would deleverage about Rs 1.25 lakh crore of debt – the largest by any corporate if its offer to repay lenders of Essar Steel in full is accepted, company sources said.
State Bank of India has approached the Supreme Court to implement the recommendations of a committee that had suggested increasing tariffs or waiving a portion of the loan owed by Adani, Tata and Essar Group’s power companies.
Essar Power, the wholly owned subsidiary of Ruia-owned Essar Group, has announced that the second 600 MW unit of Mahan Power Plant in Madhya Pradesh has been completed at a cost of Rs 8,000 crore, reports Economic Times.
Ruia family-owned Essar Group has started supply of gas produced from coal seams to state-owned GAIL India.
In a tweet, the group said Essar Oil and Gas Exploration and Production Ltd (EOGEPL) “commenced supply of CBM gas
The Ruias-controlled Essar Group is fighting off a challenge from a US-based hedge fund which is eyeing Essar’s assets in the UK, including the Stanlow oil refinery, to settle unpaid dues.
The Essar Group expects turnover from coal bed methane (CBM) to touch ?600 crore in 2018-19 and double that in the subsequent two years, according to Vilas Tawde, chief executive officer of Essar Oil and Gas Exploration and Production.
The Essar Group expects turnover from coal bed methane (CBM) to touch Rs 600 crore in 2018-19 and double that in the subsequent two years, according to Vilas Tawde, chief executive officer of Essar Oil and Gas Exploration and Production.
Adani Global Private Ltd, a Singapore-based company of the Adani Group, has moved the high court of Singapore seeking a stay on a demand to produce documents pertaining to Indonesian coal imports from Adani’s subsidiaries