Essar Oil will pay the second instalment of its sales tax dues on January 2 to Gujarat fovernment. The company will pay over Rs 1,000 crore in the said dues.
On January 17, 2012, the Supreme Court ordered Essar Oil to pay sales tax to the Gujarat government in eight deferred instalments.
The company has availed of Rs 6,169 crore of sales tax benefit which was to be paid in deferred instalments.
Of this amount, Essar Oil has already paid Rs 1,004 crore to the Gujarat government. The balance dues of Rs 5,165 crore is now payable in eight quarterly instalments beginning Jan 2nd, 2013.
Essar Oil has secured a line of credit worth Rs 5,000 crore with domestic lenders to meet any short term requirements towards meeting the sales tax liability, the company had earlier stated in a press statement.
The company's scrip closed at Rs 71.45 up, 1.71% on the Bombay Stock Exchange.
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