A consortium of 23 lenders led by State Bank of India today cleared the Rs 86,000-crore sale of Essar Oil to Russia’s Rosneft-led group after the Ruias agreed to clear a part of the Rs 26,000-crore loans, including that of Life Insurance Corporation.
Essar Group sources said they hope to conclude the USD 12.9-billion all-cash deal to the Russian government- controlled Rosneft by July 10. This is the largest foreign investment in the country till date.
When asked whether the 23 lenders also include LIC, to which the company owes Rs 1,290 crore, an official answered in the affirmative. Read More…
Credit By: The Times Of India
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