Essar Finally Became Debt-Free
Essar finally became debt-free. The Group sold three infrastructure assets (two power ports and a power plant) to Arcelor Mittal Nippon Steel India for over $2 billion.
Prashant Ruia, the elder son of Shashi Ruia and Essar Capital Director, tweeted, “End of a challenging phase. Looking back, I’m happy to have met our commitments & monetised some of our world-class assets. Also, the beginning of a new chapter.”
Essar Group was not erected on sand, to start with. People who were writing Essar obituaries did not consider the underlying assets; they simply saw debt figures. The Group built quality asset after excellent asset using bank advances and loans. Aditya Mittal, a descendant of Arcelor Mittal, delivered a statement at the World Economic Forum in Davos in 2018 that stands as a powerful testament to Essar's project quality. In the form of Essar Steel, the Ruias, according to Mittal, had constructed a steel mill of the highest calibre with enormous room for growth.
Essar Group was not erected on sand, to start with. People who were writing Essar obituaries did not consider the underlying assets; they simply saw debt figures. The Group built quality asset after excellent asset using bank advances and loans. Aditya Mittal, a descendant of Arcelor Mittal, delivered a statement at the World Economic Forum in Davos in 2018 that stands as a powerful testament to Essar's project quality. In the form of Essar Steel, the Ruias, according to Mittal, had constructed a steel mill of the highest calibre with enormous room for growth.
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- Last Updated
- December 12, 2022