China Eximbank provides $300 million loan to Essar Energy for refinancing and general corporate purposes

In September 2013, Essar Energy -- a wholly-owned subsidiary of Essar Group that is based in Mauritius and listed on the London Stock Exchange -- signed a $300 million loan agreement with China Eximbank. The loan carried a 4-year maturity. Its other borrowing terms are unknown. The borrower was expected to use the loan proceeds to repay an outstanding debt of $233 million under an existing bridge loan facility and for general corporate purposes.

Additional details

1. Essar Group is an Indian multinational conglomerate company, founded by Shashi Ruia and Ravi Ruia in 1969. The company, known as Essar Global Fund Limited (EGFL), owns a variety of assets in the core sectors of energy (oil refining, oil and gas exploration and production, power), infrastructure & logistics (ports, projects), metals & mining, technology, and retail (oilfield services, information technology, and food retail). EGFL holds a nearly 100% stake in all its investments. Significant Essar Group companies include Essar Oil UK, Essar Ports, Essar Oil & Gas Exploration & Production, Essar Shipping, Essar Power, and Essar Projects. In 2017, Essar Steel India Ltd. (ESIL) was on the defaulter's list disclosed by the Reserve Bank of India. Essar Oil was acquired by a consortium led by Rosneft, Trafigura, and UCP for $12.9 billion, and Essar Oil was rebranded as Nayara Energy.

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