Essar Group and Hutchison Essar to raise loan

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Essar Group and Hutchison Essar to raise loan

October 15, 2006

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The Essar Group has pledged a portion of its holding in Hutchison Essar to raise $530 million.

The group has appointed Standard Chartered Plc to arrange the loan, which would be repaid in two years. The group intends to raise $410 million and the equivalent of $120 million in rupees. The loan would reportedly be used to finance the group's ongoing expansion plans.

Separately, Hutchison Essar is planning to raise a syndicated loan of $300 million to ensure continued expansion across its 16 circles in India. The loan would be used to partially finance Hutchison Essar's $1 billion capital expenditure expansion programme.