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Essar Energy ties up for new $300 million corporate loan facility

September 13:  Essar Energy plc, the India-focused integrated energy company, has announced that it has raised its existing $150 million loan facility with Axis Bank to $450 million, with the Export-Import Bank of China (Exim Bank) providing $300 million as a new lender, the company said in a statement.

The $150 million facility originally agreed with Axis Bank was signed and disbursed in September 2012 and allowed for an increase to $450 million. Both facilities will mature in 2017, the statement added.

Chief Financial Officer of Essar Energy, Deepak Maheshwari, said, "The upsizing of the existing Axis facility following the Exim Bank's agreement to lend a further $300 million marks a further milestone in our programme to strengthen our balance sheet and improve liquidity within Essar Energy."

"We continue to make good progress with our refinancing activities across our power and oil and gas businesses to lower risk, lower costs and extend repayment maturity time frames," he added.