Essar Steel is in talks with lenders to restructure its huge debt under the Reserve Bank of India's 5/25 scheme that allows loans to be extended to 25 years and terms to be reset every five years. The company has a debt ofRs 38,000 crore, of which about Rs 15,000 crore has already been covered under the 5/25 scheme. It now wants the balance (excluding Rs 8,000 crore of working capital loan) to be also covered under the scheme, which will bring temporary relief to the troubled steel maker that is on a turnaround path.
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