India: Essar Steel promoters not to give up control post debt revamp

India: Essar Steel promoters not to give up control post debt revamp

Photo: Bloomberg

Essar Steel Ltd’s promoters are negotiating a restructuring deal with their lenders to ensure the control of the firm does not leave their hands, three people with direct knowledge of the matter said.

In closed-door meetings, the Ruia family has informed bankers to Essar Steel that while they are open to restructuring the company’s Rs40,000-crore debt and bringing in equity from external investors, they weren’t going to give up control, the people cited earlier said.

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