Essar Group Completes Asset Sales to Become Debt Free
A person climbs wooden scaffolding near the Essar Group offices in Mumbai, India.
Photographer: Prashanth Vishwanathan/BloombergThis article is for subscribers only.
Essar Group., the ports-to-power conglomerate controlled by billionaire brothers Shashi and Ravi Ruia, said it had become debt-free after repaying $25 billion.
Essar Ports & Terminals Ltd. and Essar Power Ltd. concluded the $2.05 billion sale of captive ports and power assets to ArcelorMittal Nippon Steel India Ltd., Essar said in a statement Monday. The deal included a 270 megawatt power plant and a port with capacity of 25 million tons a year at Hazira in Gujarat state and another 12 million-ton port at Paradip in the state of Odisha.