Essar to be debt-free after monetising assets: Ruias

MUMBAI: Essar Group will soon become debt-free, a step that will allow the enterprise to invest in its remaining businesses at home and overseas. The group, built by brothers Shashi and Ravi Ruia, has monetised several assets to pare its financial liabilities.
On Monday, it said that it has concluded the over $2-billion sale of three infrastructure assets (two ports and a power plant) to ArcelorMittal Nippon Steel India (AM/NS). The development will make Essar Group debtfree from Indian banks and financial institutions, said Prashant Ruia, its director and son of Shashi Ruia. The enterprise now plans to grow its existing infrastructure, energy and other verticals by investing in ESG-compliant technologies. ESG stands for environmental, social and governance. “We are now reinvesting in our existing operations and in building new assets, both in India and overseas, with more…

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