Get All Access for $5/mo

Essar Group Is Debt-free After Repaying $25 Billion Essar has concluded its asset monetization programme and completed the debt repayment

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Essar Group has become debt-free post paying off $25 billion from the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd (AM/NS).

"Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion (INR 2,00,000 crore) effectively making the group debt-free from Indian banks and financial institutions," said Prashant Ruia, director, Essar Capital.

Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) concluded the $ 2.05 billion (INR 16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Limited (AM/NS). The sale consisted of infra assets which include a 270 MW power plant and 25 MTPA port at Hazira, Gujarat and a 12 MTPA port at Paradip, Odisha, the group said in a statement.

"In a planned and strategic manner, we have monetised assets that we built over the 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," said Rewant Ruia, director, Essar Ports Terminals Limited.

Essar, built by brothers Shashi and Ravi Ruia, continues to have substantial operating assets in all its core verticals – energy, metals and mining, infrastructure, logistics, technology and retail.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Uber Launches Moto Women in Bengaluru, Connecting Female Riders with Female Drivers

Uber Moto Women aims to ensure safety with real-time trip sharing, anonymised contact details, and RideCheck monitoring for irregularities. It also offers 24x7 priority support via Uber's Safety Helpline for women riders and drivers.

News and Trends

Talent, Digital Infra, Policy, and Startups Driving India's GCC Ecosystem

By leveraging its demographic dividend and evolving policies, India is uniquely positioned to become the preferred choice for global enterprises seeking scalability, resilience, and a future-ready operational base.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Indian Venture Ecosystem Poised for Global Ascent: Recovery, IPO Resurgence, and 'Building for Bharat' to Define 2025

India's GDP is poised to scale from USD 4 trillion to USD 8 trillion over the next decade and will offer a playground that is remarkable for both founders and venture capital (VC) firms, said Pranav Pai, Founding Partner and CIO at 3one4 Capital.

Starting a Business

Nearly 50% of America's Workforce Has a Secondary Source of Income or Side Hustle. Here Are 7 Steps You Should Take to Create Lasting Value for Yours.

Today's entrepreneurs have the opportunity to generate long-lasting supplementary income if they take these steps.