Emergence Of Debt-Free Essar Signifies Group’s Solid Foundations


Posted December 5, 2022 by shivyadav

Essar finally paid off his loan. For more than $2 billion, the Group sold three infrastructure assets—two ports and a power plant—to Arcelor Mittal Nippon Steel India.

 
Essar finally became debt-free. The Group sold three infrastructure assets (two power ports and a power plant) to Arcelor Mittal Nippon Steel India for over $2 billion. Prashant Ruia, the elder son of Shashi Ruia and Essar Capital Director, tweeted, “End of a challenging phase. Looking back, I’m happy to have met our commitments & monetized some of our world-class assets. Also, the beginning of a new chapter. "But the tale is not just about Essar. There aren't many analogues to this astonishing tale of widespread business deleveraging anywhere in the globe or in India. Seven years were spent on the deleveraging process, during which time both man-made disasters (such as the demonetization, haphazard GST rollout, arbitrary cancellation of coal and spectrum allocations, and nationwide lockdowns) and natural disasters occurred.
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Issued By Essar
Country India
Categories Advertising , Home Business , News
Tags essar , essarport , essargroup
Last Updated December 5, 2022