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SBI expects Essar Steel deal to conclude by November end

Updated : November 18, 2019 02:18 PM IST

The Essar Steel deal is likely to be closed by the end of November, said  Rajnish Kumar, chairman of State Bank of India, adding that "the process has already started for the money to come back in the account".

"There are a few formalities which need to be completed and the effort is that the transaction gets closed as soon as all the formalities are over,” said Kumar in an interview with CNBC-TV18.

“If I take an example of Bhushan Steel Limited, where Tatas were able to close the transaction within a week of the order; if we go by that analogy and if there is no other unexpected roadblock, then hope is that within this month, this transaction can be completed,” he said.

Talking about pending cases in the SC, Kumar said, “By March 2020, quite a few cases will get resolved. As everyone has held this judgment as a landmark judgement, it upholds the validity of the rules, laws as per the IBC Act and the recent amendments which were carried out by the Government of India.”

About DHFL, Kumar said the bank will wait for a week or so to see if the case gets referred to NCLT.
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