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Essar Global says all overseas debt cleared; $1.75 billion paid to Indian, foreign banks
FirstpostEssar Global has now repaid about Rs 6,300 crore to ICICI Bank, Axis Bank, and Standard Chartered Bank. New Delhi: Essar Global Fund Ltd, the holding company of Essar Group, Monday said it has repaid all its overseas debt after it paid back the last tranche of Rs 12,000 crore to its various Indian and foreign lenders. Over the past two years, Essar Group has repaid more than Rs 1.37 lakh crore of debt, a majority of which are to Indian lenders. Giving details of the Rs 1.37 lakh crore debt repayment, the group said in 2017, Essar Global repaid about Rs 86,000 crore of liability, including Rs 72,600 crore to banks, from proceeds of sale of Essar Oil to a consortium led by Rosneft and Trafigura. “A further Rs 45,000 crore of group debt relating to Essar Steel India is being addressed through the ongoing insolvency and bankruptcy process,” it said.
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