The Ruia family-promoted Essar Ports has sought relaxed loan terms from bankers even as it plans Rs 3,000-crore (including Rs 2,000-crore debt) new investments on three key port projects that have recently got long-pending regulatory clearances, CEO and MD of Essar Ports, Rajiv Agarwal, told FE.
Essar Ports has sought relief from bankers to spread out its existing Rs 6,000-crore loan obligations over a longer tenure. The company is in talks with bankers to migrate its debts to the Reserve Bank of India’s (RBI) 5/25 scheme, said Agarwal.
“All regulatory clearances for these investments are now in place. Essar Ports plans to invest approximately Rs 3,000 crore for the new investments across east and west coasts. The investment will be made through a mix of debt and equity, with about Rs 2,000 crore being raised as new debt and Rs 1,000 crore being funded through internal accruals,” he said.
