Have you read these stories?

Chinese etail firms find a clever way around the Indian firewall

Chinese etail firms could be circumventing the govt ban by offering alternative app download links.

essar group

10 July, 2020, 12:20 PM IST

SEARCHED FOR:

ESSAR GROUP

India's Essar group places bid for Petrobras' Bahia refinery: Report

If Essar's bid is successful, it would mark the group's debut in Brazil. Essar has invested roughly $28 billion in assets in energy, infrastructure, mining and services, according to the company's website. It is still unclear if the third pre-qualified group, China's Sinopec, has also delivered a bid.

India 9th largest recipient of FDI in 2019, will continue to attract investments: UN

In its report, the UN Conference on Trade and Developmen...

Essar to further cut down debt by 70 pc in last leg of deleveraging exercise

The Ruia family-owned Essar Group has embarked on the final leg ...

  • The Essar Group has indicated that it is "poised to embark on a new phase of growth while driving growth in its existing portfolio." Essar did not specify what the new growth areas could be, but said it is "armed with a substantially lighter balance sheet" after it took "a conscious call of reducing its debt in response to evolving domestic and evolving economic scenario."

    The state-owned lender had approached the Ahmedabad NCLT against Essar Shipping, for the default committed by Essar Oilfield (now known as OGD Services), in making payment of stand by letter of credit (SBLC) facility of $27 million, where Essar Shipping was a guarantor.

    Kalra has 22 years of work experience.Prior to joining Essar, he was the CFO of Cairn Oil & Gas, and has been associated with Reliance, Aircel, Idea, American Tower and EY.

    "The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.

    AU Small Finance Bank and Federal Bank are its picks among mid-sized banks.

    DHFL, Reliance Home Finance, KKR-backed CCD and CG power could add to the woes of Indian banks .

    This has led to a mostly muted scene on India's corporate deal street this year, after a blockbuster 2018, while economic slowdown fears further came in the way for any significant merger and acquisition deals. But, experts are hopeful that the scenario might change in the new year, provided the economy rebounds from its lows.

    As some economies in Asia slow, companies are left vulnerable to any tightening in liquidity. A rise in defaults would likely further weigh on investor sentiment, and raise the cost of borrowing for the riskiest firms.

    With money coming from resolution on Essar Steel and expected flow from resolution of Bhushan Power and Steel and Alok Industries, sources said the bank is likely to be posting profit during the third quarter and the subsequent quarter. The bank has already come below net NPA threshold of 6% one of the three parameters for triggering PCA framework.

    Till about six quarters ago, analysts never thought they will have a struggle with consumption, Relli pointed out. “We always thought and felt that consumption is a secular story in India. But, we have witnessed a problem with consumption. We were late to admit, but we now admitting that yes, there are issues with consumption," he said.

    Turnaround plan includes an Rs 8,000-cr investment in improving ops, pushing up annual shipments. Nippon Steel president Eiji Hashimoto said the two partners wanted to make the company the best in India. ArcelorMittal executives said the plant being port-based would give an advantage in transporting raw materials and finished products.

    Appreciation in the rupee last week was led by dollar inflows following ArcelorMittal’s acquisition of Essar Steel.

Load More...
x

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service