Ruias Of The Essar Group

Essar 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 (AM/NS), the group said today.

The potential targets of Pegasus included former chairman of Jet Airways Naresh Goyal, SpiceJet managing director Ajay Singh, Essar Group's Prashant Ruia and some top PSU officials, according to the latest list of names released by The Wire.

The Essar Group today welcomed the judgement of the special court acquitting its promoters Ravi Ruia and Anshuman Ruia in a case arising out of the probe into the 2G spectrum allocation scam.

The company director, Prashant Ruia, said the firm will pay back as much as Rs 70,000 crore to lenders, including SBI, ICICI Bank, Axis Bank, IDBI Bank and StanChart, among others.

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 $610 million.

Within days of Essar Group signing a mega $12.9-billion asset sale in its oil business, three top lenders -- ICICI Bank, Axis Bank and StanChart -- have got back an estimated $2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate.

Essar signed agreements on Saturday to sell 49 per cent in the 20 million tons a year Vadinar refinery in Gujarat.

The Indian conglomerate aims to sign a binding deal in the next two weeks to sell 49 percent of Essar Oil Ltd. to Rosneft, according to the people, who asked not to be identified because the information is private.

Essar Projects, promoted by the Ruias, on Tuesday announced that it has won a Rs 85-crore order from Indian Oil Corporation to replace its 141 kilometres of pipeline.

Essar, which is controlled by the billionaire Ruia brothers and has assets in the oil and gas, steel, ports and power sectors, has faced pressure from creditors to reduce borrowing that some analysts estimate at more than $14 billion.

Essar Oil UK controlled by the Mumbai-based Ruia family had clocked a net profit of $70 million in the previous fiscal.

The Supreme Court has dismissed the petition of the Ruias of the Essar group and said they will have to face trial in the 2G case.

The Supreme Court today said that Sunil Bharti Mittal, the chairman and managing director of Bharti Cellular Ltd and Ravi Ruia, the promoter of Essar Group, will not face trial in a case of allocation of additional spectrum.

The Supreme Court will decide tomorrow whether Sunil Bharti Mittal, the chairman and managing director of Bharti Cellular Ltd and Ravi Ruia, the promoter of Essar Group, will face trial in the additional spectrum case.

The company has been trying to dollarize its debt in order to de-risk its business from currency fluctuation and reduce the cost of its debt. Essar Oil has a global exploration capacity of about 7 lakh barrels per stream day (bpsd), due to which most of its revenues come in dollar. So, converting debt to dollar will reduce significant currency risk...

Essar 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 (AM/NS), the group said today.

The potential targets of Pegasus included former chairman of Jet Airways Naresh Goyal, SpiceJet managing director Ajay Singh, Essar Group's Prashant Ruia and some top PSU officials, according to the latest list of names released by The Wire.

The Essar Group today welcomed the judgement of the special court acquitting its promoters Ravi Ruia and Anshuman Ruia in a case arising out of the probe into the 2G spectrum allocation scam.

The company director, Prashant Ruia, said the firm will pay back as much as Rs 70,000 crore to lenders, including SBI, ICICI Bank, Axis Bank, IDBI Bank and StanChart, among others.

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 $610 million.

Within days of Essar Group signing a mega $12.9-billion asset sale in its oil business, three top lenders -- ICICI Bank, Axis Bank and StanChart -- have got back an estimated $2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate.

Essar signed agreements on Saturday to sell 49 per cent in the 20 million tons a year Vadinar refinery in Gujarat.

The Indian conglomerate aims to sign a binding deal in the next two weeks to sell 49 percent of Essar Oil Ltd. to Rosneft, according to the people, who asked not to be identified because the information is private.

Essar Projects, promoted by the Ruias, on Tuesday announced that it has won a Rs 85-crore order from Indian Oil Corporation to replace its 141 kilometres of pipeline.

Essar, which is controlled by the billionaire Ruia brothers and has assets in the oil and gas, steel, ports and power sectors, has faced pressure from creditors to reduce borrowing that some analysts estimate at more than $14 billion.

Essar Oil UK controlled by the Mumbai-based Ruia family had clocked a net profit of $70 million in the previous fiscal.

The Supreme Court has dismissed the petition of the Ruias of the Essar group and said they will have to face trial in the 2G case.

The Supreme Court today said that Sunil Bharti Mittal, the chairman and managing director of Bharti Cellular Ltd and Ravi Ruia, the promoter of Essar Group, will not face trial in a case of allocation of additional spectrum.

The Supreme Court will decide tomorrow whether Sunil Bharti Mittal, the chairman and managing director of Bharti Cellular Ltd and Ravi Ruia, the promoter of Essar Group, will face trial in the additional spectrum case.

The company has been trying to dollarize its debt in order to de-risk its business from currency fluctuation and reduce the cost of its debt. Essar Oil has a global exploration capacity of about 7 lakh barrels per stream day (bpsd), due to which most of its revenues come in dollar. So, converting debt to dollar will reduce significant currency risk...