The Supreme Court on Monday extended a lifeline to the three troubled imported-coal-based power plants of Tata, Adani and Essar in Gujarat by allowing the Central Electricity Regulatory Commission (CERC) to amend their power purchase agreements (PPAs) to facilitate pass-through of future fuel price escalation subject to a cap.
Having settled 80 per cent of its corporate debt, the Essar Group is betting on its de-leveraged books to raise additional funds to back its bid to buy-back Essar Steel and finance expansion plans of its existing businesses.
ArcelorMittal said on Friday that Essar Steel creditors voted in favour of its Rs 42,000-crore bid and have issued a letter of intent to sell the asset to the company. The development indicates that the lenders haven’t entertained the Ruia family’s Rs 54,389-crore last-minute
Bankers are demanding a few thousand crores over ArcelorMittal’s offer of Rs 35,000 crore to transfer full control of debt-laden Essar Steel to the Londin-based firm. A meeting with bankers and the Luxembourg based steel company was inclusive till midnight and was yet to put to vote
Steel mills in India are increasingly tapping the global market for iron ore as they find it difficult to transport the key raw material from local mines, and demand for the metal surges in response to the government’s ambitious plans to build out the nation’s infrastructure.
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
With natural gas prices shooting up globally, Essar Ports is going slow on its plans to build liquefied natural gas terminals at the Hazira port in Gujarat, chief executive officer Rajiv Agarwal told Mint.
Essar Group on Friday said it has commissioned the country’s largest iron ore handling complex at Vizag port, which was built at a cost of Rs 830 crore.
Essar builds India’s largest iron ore handling complex of 24 MTPA at Vizag Port with Rs 830 crore investment; dedicates it to the nation
Essar Vizag Terminal Ltd (EVTL) today dedicated to the nation its newly commissioned 24 MTPA Vizag iron ore handling complex, which will be inaugurated by Shri. Nitin Gadkari, Hon’ble Minister for Road Transport & Highways, Shipping and Water Resources.
The Gujarat government has set up a panel to suggest within two months a rescue plan for three large generation projects belonging to the Tata, Adani and Essar groups in the state, with combined PPA (power purchase agreements) for over 8,000 MW and outstanding debts in excess of Rs 22,000 crore.