Essar to deleverage Rs 1.25 lakh crore debt if its offer for Essar Steel is accepted
Updated : October 29, 2018 06:41 AM IST
Last week, the Committee of Essar Steel Creditors picked world's largest steelmaker ArcelorMittal's Rs 42,000 crore takeover offer over the company promoter's Rs 54,389 crore proposal to pay off all of the lenders' dues.
Sources said Essar Group had so far used $650 million (about Rs 4,200 crore) from the sale of Aegis US operations, Rs 72,000 crore from sale of Essar Oil to Russia's Rosneft and partners, Rs 2,000 crore from sale of Aegis and Rs 2,400 crore from sale of Equinox to deleverage group debt.
Essar invested Rs 1.2 lakh crore -- the highest by any corporate in recent times -- between 2010 and 2015 in building world-class assets in energy, infrastructure, metals and mining, and services sector.