Term loan nets Essar Rs170b

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The Essar group secured a Rs170 billion (US$3.7 billion) loan from a consortium of lenders last month. The consortium included the State Bank of India, IDBI Bank, Canara Bank, Union Bank of India, Punjab National Bank, HDFC Bank, Bank of India and Bank of Baroda.

“This is probably one of the largest single transactions of term loan funding in India,” said Tushar Desai, a partner at India Law Services, which served as lenders’ counsel on the deal. Essar was represented by its in-house legal team.

The loan was sought to repay and consolidate an existing loan used for Essar’s recent merger of its steel business with Essar Steel.

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