Deals
Standard Chartered Moving Past India Woes With Essar Payment
- Indian conglomerate to pay back $2.1 billion in coming weeks
- U.K. bank may be able to write back $100 million of provisions
Pedestrians walk by a Standard Chartered bank in Mumbai.
Photographer: Kuni Takahashi/BloombergThis article is for subscribers only.
Standard Chartered Plc can finally start to move beyond its woes in India.
The London-based lender is set to receive a $2.1 billion repayment in the next few weeks from Essar Global, the steel-to-power conglomerate that’s been one of its most problematic borrowers in the country, people with knowledge of the matter said. Standard Chartered may be able to write back around $100 million of provisions it made to cover potential losses on Essar Global loans, according to the people, who asked not to be identified as the information is private.