Skip to content
Subscriber Only
Markets
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.

Pedestrians walk by a Standard Chartered bank in Mumbai.

Photographer: Kuni Takahashi/Bloomberg
Updated on

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.