Essar Group plans to cut residual debt by 70% to Rs 12,000 crore

Group enters the final leg of deleveraging post oil, steel business sell-off

The Ruia-owned Essar Group has entered the final leg of its deleveraging exercise as it plans to cut residual debt by 70 per cent to about Rs 12,000 crore post sell off of its oil and steel business.

From Rs 1.83 trillion of debt in FY17, the group has brought down the debt by a staggering Rs 1.40 trillion over the last three years. Now, it plans to cut residual debt from Rs 42,000 crore to about Rs 12,000 crore,  Essar Group said in a mailer sent to policymakers and bureaucrats.

After the proposed reduction of debt in the power business by