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This is an archive article published on December 10, 1999

Essar,Marathon deal to be delayed

MUMBAI, DECEMBER 9: Thanks to the delay in green signal by the Gujarat Electricity Board (GEB) and the state government on the Essar and M...

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MUMBAI, DECEMBER 9: Thanks to the delay in green signal by the Gujarat Electricity Board (GEB) and the state government on the Essar and Marathon deal, the proposed plan of the Ruias to sell off the 515 mw power project to Marathon has been delayed by yet another 200 days.

A Essar statement said here today: “Many of the conditions or precedents have not been completed as yet. In order to provide sufficient time to all parties, it has been mutually decided by both Essar and Marathon to extend the validity of this agreement by 200 days.”

The Gujarat government’s contention is that once the sell-off is completed Essar Steel will continue to get power at concession rates according to the 1997 Power Purchase Agreement (PPA) valid for 20 years. Essar Steel consumes 215 mw of the power produced by Essar Power, which was a 100 per cent subsidiary of Essar Steel but later the promoters hived off the company to their own private firm, Prime Hazira. Prime Hazira holds a 49 per cent stake in Essar Power which hasan equity base of Rs 523 crore, while Essar Steel and Essar Oil holds 42 per cent and nine per cent respectively.

FI package
MUMBAI:The heads of financial institutions (FIs) today reviewed various measures taken by the Ruias-promoted Essar Steel to fullfill the obligation of holders of floating rate notes (FRN) and refrained from taking any final decision on restructuring package of the company.

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