ICICI, Axis, StanChart get back $2.5 bn of Essar loans

Within days of Essar Group signing a mega USD 12.9-billion asset sale in its oil business, three top lenders – ICICI Bank, Axis Bank and StanChart, have got back an estimated USD 2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate.

The two Indian lenders which together had an exposure of USD 1.5 billion, will get back nearly half of their money or about USD 770 million in cash while further USD 750 million of debt will get transferred to Rosneft-led consortium and Essar’s ports and other businesses, as per the terms agreed upon by them.
Source BusinessLine

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