Essar group is in talks with international bankers to raise about five billion dollars (over Rs 20,000 crore) by leveraging its 33 per cent stake in Hutch-Essar, the country's fourth-largest mobile player in which UK's Vodafone recently acquired majority stake.
The borrowing would be made by Essar Global, the overseas arm of Essar Group, and the funds would be used for financing the recent acquisitions of steel plants in Trinidad and Tobago, Canada, USA and building power plants.
Essar Group, through its domestic companies and global subsidiary, may require about 8 billion dollar (over Rs 32,000 crore) to fund the acquisitions and expansion into power sector, sources in the know of the development said.
Read more in The DNA Money article.
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