Essar Group
History
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In March 2020, Moneycontrol reported that Essar Group had cut down debt by 70% to about {{INR}}12,000 crore.{{cite web |title=Essar to further cut down debt by 70% in last leg of deleveraging exercise | date=11 March 2020 | url=https://www.moneycontrol.com/news/business/essar-to-further-cut-down-debt-by-70-in-last-leg-of-deleveraging-exercise-5021721.html |access-date=22 November 2022}} |
In March 2020, Moneycontrol reported that Essar Group had cut down debt by 70% to about {{INR}}12,000 crore.{{cite web |title=Essar to further cut down debt by 70% in last leg of deleveraging exercise | date=11 March 2020 | url=https://www.moneycontrol.com/news/business/essar-to-further-cut-down-debt-by-70-in-last-leg-of-deleveraging-exercise-5021721.html |access-date=22 November 2022}} |
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Press research from 2026 showed that in 2020 the Essar Groups debt with the Russian state controlled [[VTB Bank]] rose to Euro 2,35 billion. |
Press research from 2026 showed that in 2020 the Essar Groups debt with the Russian state controlled [[VTB Bank]] rose to Euro 2,35 billion. |
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Essar has established Vertex Hydrogen in the UK.{{Cite web|url=https://energy.economictimes.indiatimes.com/news/renewable/essar-sets-up-vertex-hydrogen-to-help-drive-energy-transition-in-uk/91339243 |title=Essar sets up Vertex Hydrogen to help drive energy transition in UK |website=energy.economictimes.indiatimes.com}} |
Essar has established Vertex Hydrogen in the UK.{{Cite web|url=https://energy.economictimes.indiatimes.com/news/renewable/essar-sets-up-vertex-hydrogen-to-help-drive-energy-transition-in-uk/91339243 |title=Essar sets up Vertex Hydrogen to help drive energy transition in UK |website=energy.economictimes.indiatimes.com}} |
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| ⚫ | After the [[2022 Russian invasion of Ukraine|Russian invasion of Ukraine]] in Febuary 2022 and the following [[International sanctions during the Russian invasion of Ukraine|sanctions against representatives the VTB bank]], press research indicates that Essar moved it's management for the dept with the Russian bank from [[Cyprus]] in the European Union to [[Mauritius]], where the sanctions did not apply. |
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| ⚫ | In September 2022, Essar Oil UK completed an offtake agreement with Vertex Hydrogen to facilitate hydrogen supply of 280 MW to decarbonize its plants.{{cite web |title=Essar Oil UK inks offtake agreement with Vertex Hydrogen |url=https://energy.economictimes.indiatimes.com/news/renewable/essar-oil-uk-inks-offtake-agreement-with-vertex-hydrogen/94520266 |access-date=11 May 2023}} |
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| ⚫ | In September 2022, Essar Oil UK completed an offtake agreement with Vertex Hydrogen to facilitate hydrogen supply of 280 MW to decarbonize its plants.{{cite web |title=Essar Oil UK inks offtake agreement with Vertex Hydrogen |url=https://energy.economictimes.indiatimes.com/news/renewable/essar-oil-uk-inks-offtake-agreement-with-vertex-hydrogen/94520266 |access-date=11 May 2023}} |
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| ⚫ | After the [[2022 Russian invasion of Ukraine|Russian invasion of Ukraine]] in Febuary 2022 and the following [[International sanctions during the Russian invasion of Ukraine|sanctions against representatives the VTB bank]], press research indicates that Essar moved it's management for the dept with the Russian bank from [[Cyprus]] in the European Union to [[Mauritius]], where the sanctions did not apply. |
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In November 2022, the Essar Group reportedly became debt-free after clearing $25 billion in liabilities, following the sale of its power plant and captive ports to ArcelorMittal [[Nippon Steel]] at a deal value of $2.05 billion.{{cite news |title=India's Essar Group is debt-free after repaying $25 bln |newspaper=Reuters |date=21 November 2022 |url=https://www.reuters.com/markets/asia/indias-essar-group-is-debt-free-after-repaying-25-bln-2022-11-21/ |access-date=21 May 2023}} |
In November 2022, the Essar Group reportedly became debt-free after clearing $25 billion in liabilities, following the sale of its power plant and captive ports to ArcelorMittal [[Nippon Steel]] at a deal value of $2.05 billion.{{cite news |title=India's Essar Group is debt-free after repaying $25 bln |newspaper=Reuters |date=21 November 2022 |url=https://www.reuters.com/markets/asia/indias-essar-group-is-debt-free-after-repaying-25-bln-2022-11-21/ |access-date=21 May 2023}} |
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