Russian bank VTB will provide up to USD 1 billion credit to Essar Group for its corporate and project needs.
The agreement to this effect was signed by Essar co- founder Shashi Ruia and VTB Chairman Andrey Kostin in presence of Prime Minister Narendra Modi and Russian President Vladmir Putin here today.
The MoU "envisages finance arrangement of USD one billion to Essar by VTB for general corporate purpose," an official statement said here.
More From This Section
This financing follows the successful USD 1.2 billion transaction arranged in 1H 2014 by VTB Capital which acted as Financial Adviser and Financier for the company in taking its key assets private, which were listed on the London Stock Exchange, VTB said in a statement.