Essar Steel has chalked out a financial plan to sell/transfer two of its non-core assets to improve its liquidity, reduce debt and to focus on the core business area.
As per the proposed plan, Essar Steel, the unlisted company, is planning to hive off Hazira Coke Oven plant having a production capacity of 1.53 million tonnes per annum for Rs.3,600 crore. The second one relates to 8million tonnes per annum 267-km Vizag Slurry Pipeline (between Kiradul and Vizag) for Rs.3,600 crore.
The Ruias-promoted company is planning to sell or otherwise transfer these undertakings/assets/projects to strategic investor/Special Purpose Vehicle Company or third party on a going concern basis, backed by long term supply service agreement to ensure smooth functioning of operations.
Essar Steel has moved special resolutions seeking shareholders nod by July 1, so as to complete the transactions during 2015-16.
Source: The Hindu
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