Essar to be debt-free after monetising assets: Ruias

Essar Group will soon become debt-free, a step that will allow the enterprise to invest in its remaining businesses at home and overseas. The group, built by brothers Shashi and Ravi Ruia, has monetised several assets to pare its financial liabilities.

- 

Mumbai: 

On Monday, it said that it has concluded the over $2billion sale of three infrastructure assets (two ports and a power plant) to ArcelorMittal Nippon Steel India (AM/NS). The development will make Essar Group debt-free from Indian banks and financial institutions, said Prashant Ruia, its director and son of Shashi Ruia.