In June, the company had raised USD 1 billion through External

Essar Steel to raise Rs 2

cheap Canada Goose New Delhi: Essar Steel aims to raise a minimum of Rs 2,241 crore by selling three non core assets for paring some of its USD 4 billion (around Rs 24,400 crore) debt and reducing the strain on its balance sheet. cheap canada goose outlet Canada Goose

canadian goose jacket The Ruias promoted leading steelmaker has convened an extraordinary shareholders’ meeting on Saturday, August 24, seeking their approval. canadian goose jacket

canada goose clearance The move was necessitated due to 2.22 times rise in Canada Goose online Essar’s standalone net loss in the last fiscal to Rs 2,785 crore. Its interest payments had also risen by nearly 41 percent to Rs 3,140 crore, while total expenditure, at Rs 15,079 crore, had overshot its total canada goose factory sale income, at Rs 15,038 crore. canada goose clearance

“In order to improve liquidity, reduce debt burden and to focus on the core business area, a financing plan has been worked out. Under this plan it is proposed to sell out or otherwise transfer some of the undertakings/assets/projects to strategic investor/SPV company, ongoing concern basis,” the company said in its notice for the EGM.

buy canada goose jacket cheap Simultaneously, the company will sign long term supply/ service agreement with the buyer to ensure smooth functioning of operations. buy canada goose jacket cheap

canada goose deals According to the plan, Essar is in advanced stage of negotiations with Inox Air Products to sell one its undertaking which is in the business of production of oxygen, nitrogen and argon etc for captive supply of company’s needs at its Hazira plant “for not less than Rs 800 crore”. canada goose deals

Canada Goose Jackets It is also planning to sell 1.53 million tonnes per annum under construction coke oven plant project and 253 km long Odisha slurry pipeline project between Dabuna and Paradeep for “not being lower than (their) book value”. Canada Goose Jackets

buy canada goose jacket The book values canada goose coats on sale of coke oven plant and slurry pipeline are Rs 642.05 crore and Rs 799.82 crore respectively. buy canada goose jacket

A company spokesperson said that “these are none core assets to steel Canada Goose Online making and forms insignificant part of the total assets of the company. Essar Steel proposes to outsource these assets since it can be operated more efficiently by the company’s specialising in these activities.”

Canada Goose Outlet Early this month, the company had said that it will be raising USD 2 canada goose clearance sale billion through pre export finance to retire rupee denominated debt. The move is aimed at freeing Essar’s balance sheet from fluctuation in currency rates and ensuring at least Rs 850 crore annual savings uk canada goose outlet on Canada Goose Jackets interest payments. Canada Goose Outlet

canada goose coats The company already has RBI permission to raise upto USD 2 billion through export securitisation and is aiming to complete buy canada goose jacket it during the current fiscal. In June, the company had raised USD 1 billion through External Commercial Borrowing (ECB), which will result in Rs 450 crore savings annually. canada goose coats

canada goose black friday sale Essar has invested about Rs 37,000 crore to increase its steel making Canada Goose Parka capacity to 10 MTPA from 4.6 cheap canada goose uk MTPA. The new capacity was envisaged as an integrated facility with dedicated iron ore pellet supplies from a pellet plant in Odisha, a dedicated port, coal based power plant and a 400 kva transmission line. This cookie policy should be read together with our Privacy Policy. canada goose black friday sale

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