Essar pays back loans worth $2.5 billion to three banks
After Essar Group sold its oil refinery to Rosneft-led consortium for $12.9 billion, it has repaid loans worth over $ 2.5 billion (around ₹16,700 crore) to ICICI Bank, Axis Bank and Standard Chartered Bank. The Essar-Rosneft deal could be the largest bad loan resolution case, analysts said. Notably, the deal has helped deleverage 50% of Essar's over $13 billion debt.