COMPANIES IN NEWS

Essar in talks with SBI to settle ₹3,700 cr dues

Essar group’s power unit in Gujarat has sought to negotiate a settlement with its biggest lender, State Bank of India, six months after it was dragged to the National Company Law Tribunal (NCLT) over non-payment of dues.

Essar Power Gujarat, which owes ₹3,700 crore to SBI, had to shut down its 1,200-MW power plant at Salaya, Gujarat, earlier this year due to financial viability issues.

The plant was run on imported coal whose 80 per cent output was routed to State-owned Gujarat Urja Vikas Nigam (GUVNL).

The plant has been lying idle since the start of this financial year which became the reason behind the non-payment of dues to the lender.

Source
The hindu business line
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