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Essar Steel Board, Shareholders Offer To Pay Rs 54,389 Crore To Creditors

25 October, 2018 12:50 PM
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Essar Steel Board, Shareholders Offer To Pay Rs 54,389 Crore To Creditors

Essar Steel is among a dozen of the country's biggest debt defaulters that were pushed into the bankruptcy court last year.

Essar Steel India's board and shareholders have offered to pay Rs 54,389 crore ($7.42 billion) to its creditors to settle their claims and to withdraw the firm from a bankruptcy process.

Essar Steel is among a dozen of the country's biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country's banks.

Source: ndtv.com

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