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Essar Steel wants oversight panel to vet debt recast plan

RBI should take into account Essar's improved finances, Rs 3,500-cr interest payment to banks

Dev Chatterjee  |  Mumbai 

Essar Steel wants the Reserve Bank of India (RBI)- appointed oversight committee (OC) to vet its loan recast proposal based on its financial performance in 2016-17.  The steel producer has demanded that the OC take into account its interest payments of Rs 3,500 crore to the lenders, higher capacity utilisation at 80 per cent in its steel plant and a resultant 42 per cent rise in its earnings before interest, tax, depreciation and amortization (Ebitda) in FY17.  Essar Steel was shortlisted by the RBI among the 12 companies to be referred to the National Company Law ...

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First Published: Fri, July 07 2017. 01:16 IST
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