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Essar Group turns debt-free after repaying $25 bn

Essar Ports & Terminals Ltd. (EPTL) and Essar Power Ltd. (EPL) said on Monday they had concluded the $2.05 billion (₹16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Ltd (AM/NS).

The sale consisted of infra assets, which include a 270 MW power plant and 25 MPTA port at Hazira, Gujarat, and a 12 MPTA port at Paradip, Odisha.

“Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion (₹2 lakh crore) effectively making the group debt-free from Indian banks and financial institutions.”

Rewant Ruia, director, Essar Ports Terminals Ltd., said, “In a planned and strategic manner, we have monetised assets that we built over last 30 years. We are now reinvesting in our existing operations and in building new assets, both in India and overseas, with more efficient, latest and carbon neutral new-age technologies, which will be sustainable.”

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