Essar Group has become debt-free as it repaid its pending dues with its $25 Billion payment to various banks and financial institutions. The company raised the amount by the sale of its infra-assets that include 12 MPTA ports at Paradip in Odisha, 25 MPTA ports at Hazira in Gujarat, and a 270 MW power plant respectively.
The company revealed on Monday that it has concluded the sale of its two port assets and a power plant for $2.05 billion which translates to ₹16,500 crores to ArcelorMittal Nippon Steel India Limited (AM/NS India).
Essar Group entered into an agreement with ArcelorMittal Nippon Steel India Limited in August 2022. Essar Group said in its statement, “Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) today concluded the US$ 2.05 billion (₹16,500 crores) sale of captive ports and power assets located in Hazira and Paradip to ArcelorMittal Nippon Steel India Ltd (AM/NS).”
Prashant Ruia, Director, Essar Capital said “Essar has concluded its asset monetization program and completed the debt repayment of $25 billion (₹ 2 lakh crores) effectively making the group debt-free from Indian banks and financial institutions.”
