Subhash Chandra's Essel group gets time till September to repay loans

Essel Group has significant debt on its books, taken by the Indian promoters for privately owned infrastructure firms

Subhash Chandra-led Essel Group on Sunday said it had secured a formal consent from lenders to service its debt, including time till September 2019 to repay its loans.
 
The second round of meeting with lenders comes a week after the first round when the group had sought to allay their fears on repayment. Mutual funds and non-banking financial companies were part of the meeting on Sunday, the group said, covering 96-97 per cent of the loan value.
 
It is unclear whether public sector banks (PSBs) were part of this meeting.
 
Speculation has been rife that PSBs are