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<ul><li>The government is looking to increase the accountability of promoters towards their defaulted loans. </li><li>To this effect, the government could amend its bankruptcy law which will allow banks to invoke personal guarantees given by promoters for loans to their companies. </li><li>An appellate court had earlier disallowed such a move, in a case involving the Ruias and their bankrupt Essar Steel. </li></ul> India’s Finance Ministry is sitting on a new amendment to the bankruptcy law. That might be a big setback for the Ruia family, the promoters for the bankrupt Essar Steel, and others who gave personal guarantees against bank loans. As per the current resolution process, lenders can recover a certain portion of the dues from the bankrupt company. The proposed amendment targets personal guarantors to corporate debt. Once amended, the law will allow lenders to recover some ‘more money’ from such guarantors, according to sources who added that the Finance Ministry’s approval is likely in the next few days. A recent ruling by the National Company Law Appellate Tribunal (NCLAT) had disallowed a similar appeal by Essar Steel’s lenders. “Once the debt payable by the ‘Corporate Debtor’ stands cleared in view of the approval of the plan by making payment in favour of the lenders (‘Financial Creditors’), the effect of ‘Deed of Guarantee’ comes to an end as the debt stands paid,” the NCLAT order had said. ”The ‘financial creditors’ in whose favour guarantee were executed as their total claim stands satisfied to the extent of the guarantee, they cannot reagitate such claim from the Principal Borrower,” it added. But the government is intent on ensuring that banks get as much money back as they can, even if it is from the promoter’s personal assets. “If the government is proposing amendments in this space by way of amendment in the IBC (Insolvency and Bankruptcy Code) and if that is so, it would need a parliament approval. We will have to wait and see the nature of amendments to be sure whether parliamentary approval is needed or not. Secondly, I am sure that promoters of various corporate debtors will test any such amendment in a court of law,” said Kunal Tandon, a lawyer who has represented banks in bankruptcy cases. "The matter is subjudice and recovery amounts haven’t yet been crystallised. Hence it is premature to comment," an Essar Group spokesperson told Business Insider. This will be the second change to the bankruptcy law in the last three months In July, the NCLAT approved ArcelorMittal’s ₹42,000-crore ($6 billion) offer for Essar Steel. However, the NCLAT also held that financial creditors (banks) at par with operational creditors (unpaid suppliers, vendors etc). This would have reduced the banks’ share of proceeds from the sale amount. But the government argued that the ruling was against the spirit of the bankruptcy law and process. So it brought in an amendment soon after that allowed the banks to decide how the proceeds of the resolution will be distributed. SEE ALSO: <a href="https://www.businessinsider.in/nclat-clears-arcelormittal-bid-for-bankrupt-essar-steel/articleshow/70071681.cms" data-type="tilCustomLink" target="_blank">ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- butthe appellate order has done something more</a> <a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a>

EXCLUSIVE: New amendment to bankruptcy law has Prashant Ruia’s personal guarantee on its radar

New Delhi, Feb 5 () Ruia-family controlled Essar Global Fund Ltd (EGFL) on Wednesday announced appointment of Arun Kumar Jain as Operating Partner of Projects business.He will be a member of the Board, EGFL said in a statement."Arun Kumar Jain appointed Operating Partner of Essar's Projects business, a key portfolio business of EGFL," it added.As the shareholders' representative, Jain will drive the strategic roadmap of the projects business. He will monitor and review performance, as well as strive to mitigate the operational and financial risks associated with the business, the statement said.Prior to Essar, Jain was associated with BHEL. He has over 17 years of experience in various leadership roles."We are confident that Jain's experience and leadership track record, which is complemented by a team of highly skilled professionals, will help steer the performance of this vital EGFL portfolio company, thereby enhancing the overall value of our investment. I would like to extend him a warm welcome to the Essar Family," Prashant Ruia, Director-Essar Capital, said.Until date, EGFL, through its investment manager, Essar Capital, has invested USD 1 billion in Essar Projects. ABI BAL

Essar Projects appoints Arun Kumar Jain as Operating Partner

New Delhi, Apr 8 () Essar Foundation, the philanthropic arm of Essar Group, on Wednesday said it will provide 1.25 million meals to communities affected by the COVID-19 outbreak and over 1 lakh medical supplies to frontliners combating the pandemic. "Essar Foundation is focussed on providing support to the larger community -- from supplying PPEs, masks, and ventilators to hospitals to providing food to labourers who are finding themselves in a difficult position," said Prashant Ruia, Director, Essar Capital. Stating that the Group plans to do a lot more for the community to play its part in being good corporate citizens, he said, "The Essar COVID-19 Relief Fund is committed to supporting various marginalized groups that are truly in need of funding. This includes transgenders, the homeless, daily wage earners, and women with a background of domestic violence. We have reached out to Essar employees and senior leadership to contribute to the fund." In a statement, the group said Essar Foundation has committed to providing 1.25 million meals to communities affected by the COVID-19 outbreak. It has provided 6.65 lakh meals to communities in need across Maharashtra including frontline doctors, Mumbai police force, slum dwellers, daily wage earners, women with a background of domestic violence and transgenders. As many as 20,000 meals per day have been earmarked to the Maharashtra Chief Minister's Relief Fund routed to marginalised and disadvantaged communities. Also, it has committed to providing over 100,000 medical supplies to frontliners combating COVID-19. Personal Protective Equipment (PPE), N-95, 3Ply face masks, and hand sanitisers have been supplied to over 10 government /private hospitals in Mumbai and over 9 police stations across South Mumbai, the statement said. "Our efforts have been focussed on reaching out to the most vulnerable communities. Being part of the Government of Maharashtra Corona Control CSR Group, we are able to coordinate directly with the state machinery and work jointly with leading groups," said Kaustubh Sonalkar, Group President Human Resource, Essar, and CEO – Essar Foundation. Separately, in an internal message to Essar Group employees, Prashan Ruia said, "For me, the safety of Essarites is paramount; we have always prided ourselves on that count." "We have set up a monitoring committee with all the senior management of Essar. This committee is now meeting daily through virtual means to address the situation that has arisen out of the COVID-19 outbreak. This is a difficult time that many of us have never seen in our lifetimes. However, we have to carry on. Many of our facilities provide essential services so they have to keep operating," he said. He asked employees to stay safe. "Please follow the rules that are being administered by the government and organisations like WHO. They are being implemented for a reason." "In India, many people are flouting these rules. But it is incumbent on us that we not only follow the rules ourselves but also urge other people to do the same. These are clearly unprecedented times. But I am really optimistic that the world will soon find a cure," he said. ANZ ANUANU

Essar Foundation to provide 1.25 million meals, 1 lakh medical supplies for COVID-19 relief

New Delhi, Feb 23 () The USD 10 billion energy-to-technology conglomerate Essar is looking to embark on a new phase of investment-led growth on the strength of a substantially lighter balance sheet arising from repayment of Rs 1.4 lakh crore loans over the last three years, the promoter Ruia family has said. Despite losing Essar Steel in insolvency proceedings, cash flows remain strong, with Rs 1,00,000 crore of revenues from existing businesses. The group has kickstarted its 50th-anniversary celebrations with an aggressive influencer outreach. In a mailer sent to Union ministers, chief ministers and top bureaucrats, the Essar Group has indicated that it is "poised to embark on a new phase of growth while driving growth in its existing portfolio." Essar did not specify what the new growth areas could be, but said it is "armed with a substantially lighter balance sheet" after it took "a conscious call of reducing its debt in response to evolving domestic and evolving economic scenario." The letter was jointly signed by Ravi Ruia and Prashant Ruia. "In the largest debt reduction exercise in the history of corporate India, we have paid about Rs 140,000 crore (USD 20 billion) of debt to the banking system over the last 3 years," the promoter Ruia family wrote in the letter. In a clear affirmation that it had put the past behind, they said: "Our strong portfolio of companies consistently generates healthy and sustainable earnings and have combined revenue of about Rs 1,00,000 crore (USD 14 billion)." The group claimed that its ambition to create world-class businesses has not been thwarted by business and regulatory challenges in the mainstream steel and power business. Essar, the promoters said, had played a vital role in the country's development, with capital investments of over Rs 2 lakh crore in the vital sectors of ports, steel plants, oil refining and fuel retail, oil and gas exploration and production, power generation and transmission, mining, shipping and telecom, with substantial equity contribution. "We have built some of the finest assets in these sectors, creating thousands of jobs, and contributing several thousand crores of rupees to the Indian exchequer by way of taxes and royalties," they wrote. "A few years ago, we took a conscious call of reducing our debt in response to the evolving global and domestic economic scenario." Reminiscing the last 50 years of the Essar journey, the Ruias said the group had to face several business and regulatory challenges along the way in its flagship steel and power businesses, "which particularly impacted us." "Committed gas supply contracts for the Essar Steel Complex were withdrawn in 2012 and allotted coal mines for power plants were cancelled in 2014, leading to a partial closure of some of our prime operating assets," they said. "We have dealt decisively and proactively with these challenges and decided that it would be prudent to drastically reduce our borrowings." These challenges did not stop Essar from creating world-class assets. "The greenfield assets built by Essar have attracted significant Foreign Direct Investment (FDI) of USD 40 billion, which is reflective of the superior and world-class quality of its assets," the letter said. Deal to sell Essar Oil to Russia's Rosneft alone saw over Rs 86,000 crore (USD 13 billion) of FDI, the country's largest until date, it claimed. On an upbeat note, Essar said it will continue to use its entrepreneurial skills, a vast pool of human resources, and decades of experience and innovation in pursuing fresh opportunities and creating value for all its stakeholders. Essar currently owns businesses in the core sectors of energy, metals &amp; mining, infrastructure, services and technology. In the energy sector, Essar has commercial interests in oil, gas and coal bed methane exploration and production in India, Vietnam and Nigeria; oil refining and retailing in UK and power generation in India and Canada. In infrastructure, Essar operates ports and terminals in India, UK and Africa, and has commercial interests in turnkey project construction in India and the Middle East. In the metals and mining sectors, the Essar Group has exposure to iron ore mining and pelletisation and coal mining in the US and Indonesia. In new-age services, Essar said it has business interests in digital solutions and customer experience platforms in India, Europe, and US. "We have fulfilled our Corporate Social Responsibility with focused community uplift programmes in the areas of livelihoods &amp; entrepreneurship, women's empowerment, health, education, infrastructure and environment. The positive impact of these initiatives makes a difference in the lives of 500,000 people from 500 villages across 8 Indian states," the letter added. ANZ ABM

Essar signals resuming investment-led growth plan

New Delhi, Mar 3 () Bhuwan Chandra Tripathi, former chairman and managing director of state-owned GAIL India Ltd, has joined Ruia-family owned Essar as a non-executive chairman of the Group's Mauritius-based oil and gas firm. "Essar Capital Ltd (ECL), the investment manager of Essar Global Fund Ltd (EGFL), has appointed Tripathi as the non-executive chairman of Essar Exploration and Production Ltd Mauritius (EEPLM) and board member of Essar Oil UK Ltd (EOUKL)," it said in a statement. EEPLM and EOUKL hold key energy assets in ECL's investment portfolio. EOUKL's main asset is the Stanlow oil refinery in the UK. "Tripathi's induction signals EGFL's renewed interest in the energy sector. He will drive the investment strategy and play a key role in providing strategic direction to EGFL," the statement said. reported the move on January 14. Tripathi "is one of the foremost energy strategists in the country. He is credited with transforming GAIL into a multi-asset multinational portfolio company," the statement said. "A person of Tripathi's caliber is an invaluable addition to our leadership team. His exemplary track record in India's energy sector will help EGFL grow and add significant value to our energy investments globally," said Prashant Ruia, Director-Essar Capital. EGFL has invested significantly in conventional and non-conventional oil and gas fields across the world through EEPLM, which manages these investments as an early-stage developer. It has participating interests in conventional oil and gas acreages in India, Vietnam and Nigeria, with an overall resource base of 3.4 barrels of oil equivalent. EEPLM, through its subsidiary Essar Oil &amp; Gas Exploration &amp; Production Ltd (EOGEPL), is India's largest operator of unconventional hydrocarbon acreages located across key sedimentary basins in the country. These acreages have a resource base of 15 trillion cubic feet and include both coal bed methane (CBM) and shale reserves. "EGFL is among the only Indian funds whose investments straddle the entire hydrocarbon value chain, comprising upstream exploration and production, midstream refining and downstream retail globally. I look forward to contributing to the future direction of India's oil and gas economy, in which Essar continues to be a key player," Tripathi on his appointment. The government had in July last year denied Tripathi an extension of service as Chairman and Managing Director of GAIL India Ltd till he reached his superannuation age six months later. Tripathi, 59, who was the youngest person to become a chairman of an oil and gas PSU in August 2009, completed his second five-year term on July 31 and was eligible for an extension till his date of superannuation in January 2020. But, the government declined an extension. As per the government rules, any functional director of a PSU denied an extension of service for reasons other than vigilance is not governed by a mandatory one-year cooling-off period. "No functional director of the company including the chief executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from the date of retirement without prior approval of the government," the rule states. This, however, does not apply to those who are denied an extension for reasons other than proven misconduct. "The term retirement includes resignation; but not in cases where the term of appointment was not extended by the government for reasons other than proven misconduct," the DPE's latest circular issued in April 2018 states. Tripathi was appointed Chairman and Managing Director of GAIL by the Congress-led UPA government in 2009, for an initial five-year term. His extension was due to be reviewed in 2014, but the UPA government in October 2013 approved another five-year term till July 31, 2019. Prior to taking over as CMD, Tripathi had served as Director of Marketing at GAIL from July 2007 to July 31, 2009. NTPC chairman Arup Roy Choudhury was denied an extension in August 2015 during the first term of the Narendra Modi government even though he had two years to go before retirement. In the oil sector, ONGC chairman Subir Raha, GAIL chairman Proshanto Benerjee, Bharat Petroleum chief Ashok Sinha and Indian Oil Corp (IOC) chairman Sarthak Behuria were all denied extensions. ANZ ANSANS

B C Tripathi joins Essar Exploration & Production Mauritius as non-executive chairman

<ul><li><keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations.</li><li>The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and <keyword id="47654" type="General" weightage="50" keywordseo="arcelormittal" source="Orion">ArcelorMittal</keyword>.</li><li>With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid.</li></ul>In one of the largest post-pandemic M&amp;A deals in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations. The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal. <keyword id="124029" type="General" weightage="50" keywordseo="rewant-ruia" source="Orion">Rewant Ruia</keyword>, Director, Essar Ports &amp; Terminals Limited, said: "With this deal, which yields a multifold return on our investments, Essar Ports &amp; Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and overseas." Prashant Ruia, Director, <keyword id="275818" type="General" weightage="50" keywordseo="essar-capital" source="Orion">Essar Capital</keyword>, said: "Essar is now repositioned for growth and resurgence. After consolidating our businesses over the last 4 years, we have now entered the next growth phase focused on helping build a sustainable energy future that will impact lives and livelihoods for a greener world." With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid. Essar's aggregate revenues will stand at $15 billion (Rs 1.2 lakh crore) and an AUM (Asset Under Management) of $8 billion (Rs 64,000 crore) comprising of various assets spread across India and overseas. These assets under Energy sector include a 10 MTPA refinery in the UK, 15 TCF reserves (including some producing fields) of Unconventional Hydrocarbons in India &amp; Vietnam and a 1,200 MW Power Plant in India; Infra sector assets include a storage terminal in UK of 3 million m3 capacity and a 20 MTPA Port in India; Metals &amp; Mining sector assets include a major iron ore mine and pellet project in the US; Technology &amp; Services sector assets include Global EPC business and IT solutions provider with centres across 30 plus countries. By monetizing assets in a planned and strategic manner, that were built with earlier technologies over the last several years, Essar is now poised to reinvest in new assets with the latest, more efficient and ESG-compliant technologies to last the next several decades. Essar has planned significant investments in its core sectors of energy, infrastructure, metals &amp; mining, and technology &amp; services. While ongoing businesses will provide operational stability, our renewed focus will be to transition existing assets to green and invest in sector-transforming clean businesses around the investment themes of decarbonisation and digitisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-subscribed-56-68x-on-day-3-on-strong-institutional-retail-investor-demand/articleshow/93804359.cms">Dreamfolks Services IPO subscribed 56.68x on day 3 on strong institutional, retail investor demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sequoia-capital-offloads-2-of-its-stake-in-zomato/articleshow/93802868.cms">Sequoia Capital offloads 2% of its stake in Zomato</a>

Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets

<keyword id="161363" type="COMPANY" weightage="20" keywordseo="Ruia-Group">Ruia Group</keyword> Chairman <keyword id="252879" type="PERSON" weightage="100" keywordseo="Pawan-Ruia">Pawan Ruia</keyword> was today arrested by <keyword id="6357783" type="CITY" weightage="100" keywordseo="West-Bengal">West Bengal</keyword> CID from his New Delhi residence in connection with a complaint of theft lodged by <keyword id="6360676" type="CITY" weightage="20" keywordseo="Railways">railways</keyword> last month, as per a news report by an agency. 
 <keyword id="172583" type="COMPANY" weightage="20" keywordseo="Ruia">Ruia</keyword> was arrested from his residence in <keyword id="1951691" type="PERSON" weightage="20" keywordseo="sundar-nagar">Sundar Nagar</keyword> area in the national capital this morning, a senior CID officer said. 
 Ruia was arrested on the basis of complaint of Railways ministry regarding theft of its goods worth Rs 50 crore which went missing from the <keyword id="335431" type="COMPANY" weightage="20" keywordseo="Jessop">Jessop</keyword> factory premises in <keyword id="230413" type="CITY" weightage="20" keywordseo="Dum-Dum">Dum Dum</keyword> in the city, the officer said. 
 He has been booked under <keyword id="6360844" type="COMPANY" weightage="20" keywordseo="IPC">IPC</keyword> sections 420 (cheating), 406 (Punishment for criminal breach of trust) and 409 (criminal breach of trust by public servant, or by banker, merchant or agent), the officer said. 
 
The Railways had filed an FIR with the Dum Dum Police Station after an inspection team found several equipment and coaches worth Rs 50 crore were missing from the factory premises at Dum Dum. 
 
The CID had summoned Ruia four times in the past in connection with its probe into a theft case in the Jessop factory in Dum Dum where a fire had broken out on October 17. 
 
A Special Investigating Team was formed by the CID to probe the theft at the factory premises. 
 Ruia had moved <keyword id="6364869" type="ORGANIZATION" weightage="20" keywordseo="Calcutta-High-Court">Calcutta High Court</keyword> which refused to stay proceedings against him in connection with the case filed by the CID following the fire and directed him to cooperate in the investigation. 
 Ruia had moved the High Court seeking quashing of the case filed against him by CID, claiming he is not the chairman of Jessop and he is neither the director nor a shareholder, or an occupier of <keyword id="3794215" type="UNKNOWN" weightage="20" keywordseo="jessop-and-co-ltd">Jessop and Co Ltd</keyword> or any of its premises. 
 Former workers of the factory had alleged that the fire was part of a "conspiracy by a third party" following which the West <keyword id="6356978" type="CITY" weightage="20" keywordseo="Bengal">Bengal</keyword> government ordered a CID probe into the incident. 
 Meanwhile, reacting to the development, Ruia group spokesperson said, "Pawan Ruia does not hold any position in <keyword id="572658" type="ORGANIZATION" weightage="20" keywordseo="Jessop-Co-Ltd">Jessop &amp; Co Ltd</keyword>. He is neither a director, nor a shareholder of the company. He is not even an occupier of any Jessop premises. We fail to understand how can he be dragged into the case. We will contest all the charges brought against him at proper legal forum". 
 The Bengal government had passed a bill to takeover <keyword id="161365" type="COMPANY" weightage="20" keywordseo="Dunlop">Dunlop</keyword> and Jessop earlier this year and for the last eight months the state government is paying Rs 10,000 per month on an ad hoc basis.

Industrialist Pawan Ruia
arrested on charges of theft of railway equipments in West Bengal

New Delhi, Mar 11 () The Ruia family-owned Essar Group has embarked on the final leg of its deleveraging exercise with plans to cut down its residual debt by 70 per cent to about Rs 12,000 crore as it looks to rebuild the conglomerate post-oil and steel business selloffs. From Rs 1.83 lakh crore of debt in FY17, the group brought down the debt by a staggering Rs 1.40 lakh crore over the last three years. Now it plans to cut residual debt from Rs 42,000 crore to about Rs 12,000 crore, according to a mailer Essar sent to policymakers and bureaucrats. Post the proposed reduction of debt in the power business by over 60 per cent (Rs 12,000 crore), and similar deleveraging across its portfolio businesses, Essar would have almost cleared all its long-term debts. The remaining indebtedness is for working capital in fully operational assets. The Group said it is "poised to embark on a new phase of growth while driving growth in its existing portfolio." Despite selling the oil refinery to Russia's Rosneft and partners and losing the steel business in insolvency proceedings, the group currently has interests in oil and gas, ports, power, shipping and mining projects in India and overseas that give revenue of Rs 1 lakh crore. Essar in the mailer said, revenues are projected to rise from Rs 94,000 crore in FY19 to Rs 98,000 crore in the current fiscal and then to Rs 1,01,000 crore in 2020-21 and Rs 1,04,000 crore in the year thereafter. Indicating it has put the past behind, Essar said it is armed with a substantially lighter balance sheet after it took a conscious call of reducing its debt in response to evolving domestic and evolving economic scenario. "Our strong portfolio of companies consistently generates healthy and sustainable earnings and have combined revenue of Rs 1,00,000 crore (USD 14 billion)," it said. Essar said it has made capital investments of over Rs 2 lakh crore (about USD 28 billion) in sectors like ports, steel plants, oil refining and fuel retailing, oil and gas exploration &amp; production, power generation &amp; transmission, mining, shipping, and telecom, with substantial equity from the Essar Group. The Group said it will continue to use its entrepreneurial skills, a vast pool of human resources, and decades of experience and innovation in pursuing fresh opportunities and creating value for all its stakeholders. The Essar letter was jointly signed by promoters Ravi Ruia and Prashant Ruia. Many years back, the Group, which built India's second-largest pan-Indian telecom operations with Hutchison, sold its 33 per cent stake to Vodafone for USD 5.4 billion (Rs 28,827 crore). Later it sold its 20 million tonnes oil refinery at Vadinar and over 3,500 petrol pumps to Rosneft and partners for USD 12.9 billion (Rs 86,000 crore). Its BPO business, Aegis was monetised for USD 910 million (Rs 5,660 crore). Its steel business, which was made up of 10 million tonnes per annum plant and 20 million tonnes of pellet making capacity, went for USD 6 billion (Rs 42,000 crore) in bankruptcy proceedings to recover unpaid loans. Essar said the challenges it faced over the years did not stop it from creating world-class assets. The greenfield assets built by it have attracted significant foreign direct investment (FDI) of USD 40 billion, which is reflective of the superior and world-class quality of its assets. The Essar Oil-Rosneft deal alone saw over Rs 86,000 crore of FDI, the country's largest until date, it claimed. Essar said it currently owns businesses in the core sectors of energy, metals &amp; mining, infrastructure, services and technology. In the energy sector, Essar has commercial interests in oil, gas and coal bed methane exploration and production in India, Vietnam and Nigeria; oil refining and retailing in UK and power generation in India and Canada. In infrastructure, it operates ports and terminals in India, UK and Africa, and has commercial interests in turnkey project construction in India and the Middle East. In the metals and mining sectors, the Essar Group has exposure in iron ore mining and pelletisation and coal mining in the USA and Indonesia. In new-age services, Essar said it has business interests in digital solutions and customer experience platforms in India, Europe, and USA. "We have fulfilled our corporate social responsibility with focused community uplift programmes in areas of livelihoods and entrepreneurship, women's empowerment, health, education, infrastructure and environment. The positive impact of these initiatives makes a difference in the lives of 500,000 people from 500 villages across 8 Indian states," it said in the letter. Reminiscing the last 50 years of its journey, Essar reflected that it had to face several business and regulatory challenges along the way in its flagship steel and power businesses, "which particularly impacted us". "Committed gas supply contracts for the Essar Steel Complex were withdrawn in 2012 and allotted coal mines for power plants were canceled in 2014, leading to a partial closure of some of our prime operating assets," it said. ANZ DRR

Essar to further cut down debt by 70 pc in last leg of deleveraging exercise

<ul class="summary-list"><li>Prashant Fonseka was on a flight when he learned that the money he deposited with SVB was safe.</li><li>Fonseka told Insider he heard other people on the plane celebrating with relief at the news.</li></ul>When Prashant Fonseka boarded his Sunday-morning flight from Austin to San Francisco, he turned off the WiFi on his phone; he wanted a break from reading about the collapse of <a href="https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained-2023-3">Silicon Valley Bank</a>.Just two days prior, US regulators had closed the bank, which had been a Silicon Valley staple popular with venture capitalists and startups. The bank's failure was the <a href="https://www.businessinsider.com/silicon-valley-bank-svb-biggest-bank-failure-since-2008-crisis-2023-3">largest in the US since Washington Mutual's crash</a> during the 2008 financial crisis.Fonseka, who is based in Austin, Texas, is <a href="https://tuesday.vc/" target="_blank" rel="noopener">a partner at the venture-capital firm Tuesday Capital.</a> He told Insider that he spent Friday and Saturday trying to calm the founders of his portfolio companies. He heard that some executives in the industry were even beginning to discuss potential plans for layoffs if they couldn't get access to their deposits.By Sunday, however, he had become more optimistic as he anticipated a response from regulators.Prior to boarding his flight, Fonseka was on the phone trying to confirm the amount of SVB's advanced dividend, or how much money would be guaranteed to be made available to the bank's customers — other people were hoping they might be able to get 50% of their deposits, he said."Fifty percent for most companies would have been enough to cover payroll, which, on Friday, it was," he told Insider in a phone conversation, saying that he thought, "we're not gonna be able to make payroll next week, our banks are frozen, the world is ending."Fonseka said that he heard two people across the aisle from him talking about SVB, so he started making small talk with them."We're kind of joking, 'When this flight lands, we might be in a different universe — something could change,'" Fonseka said. "Everyone was kind of anticipating some kind of announcement."Suddenly, he heard a whoop across the aisle. Fonseka asked the person across what happened."Oh, there's an announcement!" Fonseka said the passenger told him, so he turned his WiFi back on and read the news: federal regulators were stepping in to <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">guarantee SVB customers' deposits.</a>Fonseka said that he celebrated with a fist bump with the person next to him."There was enough of an energy wave that I think people were realizing something had happened," he said, talking about the commotion he heard elsewhere in the plane — The New York Times <a href="https://www.nytimes.com/2023/03/13/technology/silicon-valley-image.html?" target="_blank" rel="noopener">first reported</a> details of the celebration aboard Fonseka's flight.Fonseka said that he felt "massive relief" when his flight landed, and he caught up with another VC he recognized on his flight, who told him that he was feeling "a lot happier.""I was like, 'I'm a lot happier too. Let's rest,'" he told Insider.<div type="image" title="A screenshot of iMessages in dark mode, a blue bubble says &quot;Phew,&quot; the reply says &quot;I'm so relieved&quot; with a crying emoji, and a blue message response says &quot;Crazy few days. Let's take a deep breath.&quot;" height="685" width="1125" msid="98738346" hostid="261"></div>From the plane, Fonseka texted Sy Bohy, the CEO of Seam, which his firm had invested in."Phew," he texted."I'm so relieved," Bohy replied an hour later with a crying emoji."Before, we thought we were going to die — like extinction-level fear about people's companies," Fonseka told Insider. "Basically, we were fine."

Techies on a plane celebrated after hearing a passenger whoop at the news SVB customers would get their money, VC says

Banks have asked <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword> to give personal guarantee over loans to <keyword id="2731751" type="UNKNOWN" weightage="100" keywordseo="Reliance-Defence">Reliance Defence</keyword> and are not keen on accepting former promoter <keyword id="47432" type="PERSON" weightage="20" keywordseo="Nikhil-Gandhi">Nikhil Gandhi</keyword>’s guarantee. 
 Anil Ambani-led <keyword id="54268" type="COMPANY" weightage="20" keywordseo="Reliance-Group">Reliance Group</keyword> took over Pipavav Defence from Gandhi last year and renamed it Reliance Defence. Ambani’s ambitious defence plans may hit a roadblock if he does not furnish a personal guarantee. 
 
“Unless the stalemate is resolved, lenders may not go ahead in providing additional funding that the company needs for its existing project," a bank executive told ET. 
 
Reliance Defence already has Rs 12,600 in bank debt and now has sought another Rs 400 crore in priority loans and a separate non-fundbased limit of Rs 1,000 crore. 
 
The banks have also rejected a corporate guarantee from group unit Reliance Infrastructure. 
 
As per reports, Reliance Defence wants to raise Rs 1,200 crore through a rights issue in which Reliance Group is expected to raise its stake by buying shares due to Gandhi. 
 
ET reported the company has said that proceeds of the issue will enable Reliance Defence to exit from the corporate debt restructuring (CDR) process and strengthen its financial position. CDR involves distressed borrowers and lenders agreeing to easier loan terms.

Banks reject corporate guarantee on loans to Reliance Defence, insist on Anil Ambani’s personal guarantee

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<ul class="summary-list"><li><keyword id="11897023" type="UNKNOWN" weightage="60" keywordseo="al-qaeda" source="Orion">Al Qaeda</keyword> is "delighted" at the <keyword id="11892778" type="UNKNOWN" weightage="60" keywordseo="taliban" source="Orion">Taliban</keyword>'s control of <keyword id="11892774" type="UNKNOWN" weightage="60" keywordseo="afghanistan" source="Orion">Afghanistan</keyword>, an expert has claimed.</li><li>Professor Michael Semple said the Taliban was guaranteeing Al Qaeda's "continued personal survival". </li></ul>The Taliban's control of Afghanistan is guaranteeing the "continued personal survival" of Al Qaeda, an expert has claimed, with a United Nations report supporting the claims.<a href="https://www.un.org/securitycouncil/sanctions/1988/monitoring-team/reports">A report from a UN monitoring team</a> published Thursday says the relationship between the two groups "remains close", with Al Qaeda described as being "pleased with" the Taliban's takeover.The UN says Al Qaeda is using the takeover to increase their numbers and funding, as well as to "inspire Al Qaeda affiliates globally."Michael Semple, a professor at Queen's University Belfast and Afghanistan specialist, told MP Tom Tugendhat the country had become a "safe haven" since the Taliban regained control last summer, something Al Qaeda was "delighted" with. The Taliban's control "guarantees their continued personal survival and ability to reorganise the Al Qaeda network", Semple told <a href="https://www.parliament.uk/business/commons/committee-corridor-podcast/continuing-crisis-in-afghanistan/">the Committee Corridor podcast</a>.His analysis is echoed in the UN report, which states that "under the Taliban, Afghanistan is viewed as a friendly environment for continued occupancy".Al Qaeda members are "reported to be living in Kabul's former diplomatic quarter where they have access to Ministry of Foreign Affairs meetings", the UN said with Al Qaeda providing "advice and support" to the Taliban.However both Semple and the UN monitoring team believe the group's operational capability and likelihood to mount attacks outside Afghanistan is limited.The UN report suggests this may be due to "Taliban restraint", with Al Qaeda able only to pursue objectives "short of international attacks", such as recruitment, training, fundraising, and propaganda. This is to avoid embarassing the Taliban or harming their interests, the UN said.But the UN raises concerns that the commitment of the Taliban to limit Al Qaeda's operational capability is "uncertain in the medium-to-longer term", with Semple saying that the Taliban cannot be considered a counter-terrorism partner."The wackier the Taliban internal policies become the more implausible and impossible it is for anybody to consider them a counter-terrorism partner," he told Tugendhat, who chairs the UK Parliament's Foreign Affairs Committee. "You basically can't work with them."

The Taliban's control of Afghanistan is guaranteeing Al Qaeda's 'continued personal survival', experts say

Mumbai, Jun 23 () Beleaguered businessman Anil Ambani on Tuesday claimed he had not given any personal guarantee for a borrowing made by Reliance Communications (RCom) from three Chinese banks against the backdrop of a UK court directing him to pay USD 717 million to the three lenders. He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the the National Company Law Tribunal (NCLT) to recover Rs 1,200 crore. In both the cases -- SBI and Chinese banks -- the borrowings have been done by a group company and are not personal, he said. Speaking at the annual general meeting of group company Reliance Infrastructure (RInfra), Ambani said he had only signed "a power of attorney limited to executing a non-binding letter of comfort to the Chinese banks" when the now-bankrupt RCom borrowed money in 2012. "The guarantee on the basis of which the claim was made was admittedly not signed by him," a RInfra statement said quoting Ambani, who is the company's chairman. Ambani, who had to rely on help from elder brother Mukesh Ambani to pay Rs 462 crore to Ericsson for avoiding arrest in a different matter last year, would be availing legal remedies available in India to contest the claims by the Chinese banks, the RInfra statement said. An inability to personally deposit a sum of USD 100 million has shut out his defence in the UK courts, the statement added. "As per the UK Court's order, the final amount owed under the alleged guarantee will be assessed based on the outcome of the RCom insolvency resolution process," the statement quoted Anil Ambani as saying. The case relates to Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China dragging Anil Ambani to a court in UK as part of their recovery efforts in the USD 925 million loan to RCom. On May 22 this year, a court had directed Ambani to pay up USD 717 million. Justice Nigel Teare at the Commercial Division of the High Court of England and Wales in London had ruled that a personal guarantee disputed by Anil Ambani is binding on him. On the case filed by SBI this month, Anil Ambani said the claim has arisen out of a guarantee given for a loan which was availed by RCom and Reliance Infratel Ltd (RITL) in 2016 to repay the Chinese banks and certain other Indian banks. Anil Ambani said he was defending himself against the claims by both SBI and the Chinese banks and "firmly believes that upon the resolution of RCom and RITL's debt as per their resolution plans filed before NCLT, a significant proportion, if not the whole, of the said debts will stand discharged and all these matters satisfactorily resolved," as per the statement. It can be noted that the NCLT is presiding over RCom's debt resolution case and according to reports, the 38 Indian lenders' haircut will stand at only 30 per cent of Rs 33,000 crore secured debt owed by the company, if a latest resolution plan goes through. Anil Ambani also told the shareholders that "his sole desire was to assist the RCom Group and not to make any personal gains" and assured that these legal battles would not have any bearing on RInfra's future prospects. AA RAM

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