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The Essar group, owned by the Ruia family, would lighten its debts by about 1.25 million rupees – the highest amount of any companies if its offer to fully repay the lenders of Essar Steel was accepted, sources said the company.
Last week, the Essar Steel Creditors Committee selected the largest public takeover bid from the world's iron and steel group, ArcelorMittal, on the proposal of the company's sponsor to repay the company's capital. the debts of the lenders.
According to sources, the Essar group had used up to now 650 million US dollars (about 4,200 crores of rupees) in the sale of American activities of Aegis, or 72,000 crores annuity from the sale. Essar Oil to the Russian company Rosneft and its partners, 2,000 crores of income from the sale of Aegis and 2,400 crores from the sale of Equinox for the deleveraging of the group.
If the offer concerning Essar Steel is accepted According to them, the deleveraging would amount to 1.25 million rupees lakh. This represents more than 85% of the group's total liabilities.
Essar invested between 2000 and 2015 for an amount of 1 billion rupees – the highest of all the last years – in building world-clbad badets in the energy, energy, and energy sectors. infrastructure, metals and mining. and the service sector.
With the completion of its investment and deleveraging programs, Essar expands its large business portfolio, the sources added, adding that the revenues of Essar's portfolio companies currently stand at 80,000 crores. Rs.
Essar, they said, is a leaner, smarter, and wiser business with a lighter balance sheet.
Emphasizing that the banks that lent to Essar did not lose money, they claimed that loans were being repaid and that over 20,000 crores of rupees had been paid to lenders. 'Essar Steel by interest.
The quality of the badets created by Essar elicits aggressive offers from top players and will help banks recover their debts without cutting their hair, they said.
For better management of its portfolio Essar has adopted a fund-led structure, investing long-term capital in the portfolio companies and holding 100% of the capital (the largest participation among its peers) in all its investments .
According to some sources, Essar has brought a global dimension. investors who have injected more than 32 billion USD in FDI demonstrating the quality of the badets they build and the quality of their management.
These include the sale of the stake in Vodafone-Essar (value of 18 billion USD), the sale of the stake in Aegis in two tranches (910 million USD of value created), transfer of the stake Essar Oil ($ 12.9 billion in value created) and sale of Essar Telecom Tower Ltd's interest ($ 360 million of value created).
Sources have insisted that these cases, the group came out at the right time, on its own terms, to convincing badessments at the global level.
The Essar group, they said, invested more than 200,000 crores of rupees (of which 120,000 crores of Rore were invested in 2010-16) in setting up a world-clbad faci ports, oil and gas.
Assets included 10 million tons of integrated steel plants, 20 million tons of refining capacity and a 3,500 person gas pump system (now owned by Nayara Energy), 4,800 MW of power, as well as a 465 km transport network and a capacity of more than 150 million tons of ports.
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