Page 2 - Essar Group

Giving teeth to bankruptcy code

By adopting a few steps many companies that have no alternative but to go to the NCLT to keep themselves from closing down can be saved

Essar Foundation to offer meals to people affected by coronavirus

The foundation has committed to provide 1.25 million meals to communities affected by the COVID-19 outbreak

Essar Group plans to cut residual debt by 70% to Rs 12,000 crore

Group enters the final leg of deleveraging post oil, steel business sell-off

Essar to further cut down debt by 70% in last leg of deleveraging exercise

From Rs 1.83 trillion of debt in FY17, the group brought down the debt by a staggering Rs 1.40 trillion over the last three years

Ruias plan comeback, say Essar to re-start investment in India and abroad

Group repaid Rs 1.4 trn debt to banking system over past three years; promoters say it currently generates earnings of Rs one trn a year, mainly from UK refinery

Gruelling battle for 865 days: The making of Rs 42,000-cr Essar Steel deal

Getting to this point wasn't easy. The road was riddled with challenges as much for ArcelorMittal as it was for stakeholders

Losing steel arm to ArcelorMittal to hurt Essar India; revenue may fall 97%

Revenue hit of 96% is combined impact of earlier divestment in Essar Oil & losing control of Essar Steel

Essar leads India Inc deleveraging; pays off Rs 1.4 trillion: Prashant Ruia

Despite deleveraging, the group still has a fairly substantial portfolio of assets and companies in the five sectors of energy, infrastructure, metals and mining, services and technology

Recent CoC decisions raise hopes for the return of errant promoters

Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions

Top 10 biz headlines: Ruias win back Mahan Power, auto cos' GST woes & more

From the Ruias being set to wrest back control of the Mahan Power project to the govt's warning that GST relief for auto cos may raise burden on other goods, here are Thursday's top business headlines

Ruias set to win back control of Mahan Power as ArcelorMittal bid falters

Banks reject L N Mittal's conditional offer

Setback for ArcelorMittal: Caymans court denies freeze on Essar Global Fund

ArcelorMittal has mounted legal battles against the Ruia family in multiple countries in an effort to enforce a $1.5 billion US arbitration award it had won in December 2017

Ruias to deleverage Rs 1.25 trn of their debt if Essar Steel offer accepted

Essar plans to legally challenge the decision as it believes its offer would ensure 100 per cent recovery for lenders while accepting ArcelorMittal's offer would entail a haircut

Essar in talks to sell its Equinox office to Brookfield for Rs 24 billion

Essar would utilise the entire sale proceeds to repay loans

Essar Group completes Rs 891-cr fund disbursement to Essar Oil shareholders

Total payout to public shareholders has increased from Rs 3,064 crore (at the time of delisting) to Rs 3,955 crore

Essar completes sale of BPO business to Capital Square Partners

Ruias-led Essar Group said it has concluded the sale of Aegis BPO to Capital Square Partners for $300 million (nearly Rs. 2000 crore). This marks the exit of Essar Global's from the business process outsourcing business and now it is wholly owned by the Singapore-based Private equity firm. Essar group has been under pressure to sell assets and repay its loans. The group had also started a process to sell 98 per cent stake in Essar Oil to a consortium led by Russia's oil major Rosneft for $10.9 billion and another $2 Billion for related infrastructure assets. The group said that proceeds from the sale of Aegis BPO and Essar Oil have enabled it to retire nearly Rs 75000 crore of debt."The closure of this transaction is in line with Essar's intent to reduce leverage that is complemented by an asset monetisation programme. The transaction also marks Essar Global's complete exit from the BPO business after creating significant value through organic growth and strategic acquisitions that ...

Essar seeks Rs 4K cr refund from I-T dept

The tax department is, however, contesting the claim of Essar Communications

Essar consortium forays into LNG business, bags Haldia terminal project

Plans to develop solution to tap requirements of primary, secondary hinterland with evacuation route

M&As set $81 billion record in 2016

Cross previous high of $72 billion in 2007 as Indian promoters overcome the selling taboo

Essar Group's smaller lenders raise concerns over Rosneft transaction

The syndicate of lenders also indicated a possibility of legal action against the Essar-Rosneft deal