Monday, January 7, 2019

Essar Global clears overseas debt

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Essar Global, the holding company of Essar Group has repaid all its overseas debt after it paid back the last tranche of Rs 12,000 crore to its various Indian and foreign lenders.

This is in addition to Rs 30,000 crore repayment made in August 2017 to various lenders from the proceeds from the sale of Essar Oil to Rosneft of Russia.

With this, Essar Global has now repaid about Rs 6,300 crore to ICICI Bank, Axis Bank, and Standard Chartered Bank. This repays entire Rs 31,500 crore of loans availed from these banks during 2008-14.

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