Essar Oil deal done, hurdles stay for group's steel, power firms

Lenders are now working for a resolution of loans to the Essar group's steel and power businesses

Abhijit Lele  |  Mumbai 

The Rosneft deal will reduce banks’ exposure to the Essar group but the challenge remains in resolution of problems faced by the group’s steel and power businesses. Bankers said after the Essar Oil transaction, lenders’ exposure to the group had declined on paper because the new owners would take over the liability for loans to the company.  Chanda Kochhar, managing director and chief executive officer, ICICI Bank, said the bank welcomed the acquisition of Essar Oil by a Rosneft-led consortium. ICICI Bank has played a key role throughout the process of ...

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