Lenders approve Rs 86,000-crore Essar Oil-Rosneft deal

Lenders approve Rs 86,000-crore Essar Oil-Rosneft deal

A day after sending the Essar group’s steel company to the National Company Law Tribunal (NCLT) for action under the insolvency code, the Joint Lenders Forum (JLF), led by State Bank of India and ICICI Bank, on Friday approved the Rs 86,000-crore stake sale in Essar Oil to Rosneft and Trafigura-UCP consortium.

Sources said the 23-bank consortium approved the release of pledged shares of Essar Oil to facilitate the closure of the transaction. With this, the Ruias would exit the company and use the proceeds of the sale to retire their debt to Indian as well foreign banks. Read More…
Credit By: Business Standard

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