Essar Group becomes debt-free after repaying $25 billion
Hindustan TimesEssar Group has become debt-free, having settled the remainder of its $25 billion debt after the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd, the group said on Monday. Its steel business, operated through Essar Steel, was acquired by a joint venture of ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal Corp. Essar Ports and Terminals Ltd and Essar Power Ltd on Monday concluded the $2.05 billion sale of a 270 megawatt power plant and 25 million tonne per annum port at Hazira in the west and a 12 mtpa port at Paradip in the east to AM/NS. "Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion effectively making the group debt-free from Indian banks and financial institutions," Prashant Ruia, director, Essar Capital, said in a statement. AM/NS, which agreed to buy some infrastructure assets from Essar group for $2.4 billion, in a statement said that the ports and the power plant are captive to its India's operations and are expected to generate operation synergies for the company.
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