Essar Oil (UK) Ltd Chief Executive S Thangapandian said announcement of fresh investments of USD 250 million in upgrade and expansion of Stanlow shows the group's commitment to stay invested in the sector.
A day after closing India's largest foreign direct investment (FDI) deal, Prashant Ruia, the Chairman of Essar Group clarifies on key contours of the deal. In a candid admission to CNBC-TV18, Ruia says he is confident of providing resolution plan for Essar Steel.
With this Rs 86,000-crore transaction, which makes it the largest FDI inflow for the country, the company hopes to close the deal by early next month, Essar group sources said.
The EPC company has completed and commissioned 10 projects worth Rs 2,862 crore during the previous fiscal and clocked revenues of around Rs 2,000 crore, it said in a statement.
Essar Ports Ltd in consortium with Ultra LNG and Essar Shipping Ltd won the bid to build and operate the LNG receipt and storage facility for 30 years, sources privy to the development said. Petronet LNG Ltd and V Energy were other bidders for the project that would have a minimum guaranteed traffic of 0.2 MTPA.
Essar had in July 2014 sold Aegis USA Inc, an outsourcing and technology company with operations in the US, the Philippines and Costa Rica, to Teleperformance of Paris for USD 610 million.
Essar Group today said that India needs to re-evaluate free-trade agreements with many countries, including Japan and Korea, that are hurting domestic steel manufacturers by allowing duty-free imports.
Rosneft deal will be closed by March 2017 and banks will receive their dues around the same period as the deal closure, said Prashant Ruia, CEO, Essar Group.
The park, which was till now operated by Equinox Realty, the real estate arm of Essar, will now be renamed as RMZ Equinox Business Park, the company said in a statement here.
Rapidly becoming an influential market for mergers and acquisitions (M&As) in Asia-pacific region, India hit a record level in this space with 388 deals worth USD 64.5 billion during 2016, said a report.
In a shot in the arm for the debt-laden Essar Group, American hedge fund Farallon Capital has come forward to offer a 'bridge equity' of about Rs 1500 crore, reports The Economic Times.
Within days of Essar Group signing a mega USD 12.9-billion asset sale in its oil business, three top lenders -- ICICI Bank, Axis Bank and StanChart -- have got back an estimated USD 2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate.
The market currently is fairly valued, but equities will always be volatile in near term, says Prashant Jain, CIO of HDFC Mutual Fund, adding that one must invest into equities at any point the market corrects due to global reasons.
According to Kotak Institutional Equities, the sale of Essar Group's 'entire' holding in Essar Oil and Vadinar port to Rosneft, Trifugra and UCP will allay the market's concerns about Indian banks' exposure to Essar Group.
Essar signed agreements on Saturday to sell 49 percent in the 20 million tons a year Vadinar refinery in Gujarat, the adjacent port and over 2,700 petrol pumps to world's largest listed oil company.
Essar Group lenders gain on account of relief from the Essar-Rosneft deal. Siddharth Purohit, Senior Research analyst at Angel Broking speaking to CNBC-TV18 said that it is a positive development for ICICI Bank, one of the major lenders to the group.
Spelling out plans for Essar Steel, Essar Group CEO Prashant Ruia said that problems regarding project completion are behind the company and Essar Steel plant is now operating at about 70 percent of capacity. In the next two quarters, the company hopes to be close to full capacity, he added.
The sale, which was signed on Saturday. It is the biggest foreign acquisition ever in India and Russia's largest outbound deal.
Speaking to CNBC-TV18, State Bank of India's Chairman Arundhati Bhattacharya said that the Essar deal will get the group's debt to move to another organisation and believed it was a good deal with Rosneft. â€œI am hoping it will help Essar Group to bring down leverage and stress they have in other accounts.â€
In an interview with Business Standard Prashant Ruia, Director, Essar Group said that the proceeds from this deal will be used to reduce its debt by Rs 75,000 crore.
Energy expert Narendra Taneja said that this entry of a global giant like Rosneft will put tremendous pressure on domestic players like IOCL, BPCL etc and will work out in favour of the Indian customer.
Essar Group is exploring the sale of its 405,000 barrel-per-day oil refinery in Gujarat, as the conglomerate seeks funds to reduce its debt, two sources familiar with the matter said.
The list includes Suresh Prabhu, Piyush Goyal, Praful Patel, the late Pramod Mahajan, Amar Singh and Amitabh Bachchan.
Karnataka will begin the auction process for 14 iron ore mines by August this year after it was delayed on account of issues related to stamp duty