Banks guarantee $2-bn Essar Steel dollar loan

摘要

INDIAN lenders to the debt-laden Essar Steel have agreed to guarantee a $2-billion overseas loan for the steel-maker, which would allow it to repay a part of its 31,500 crore rupee-denominated debt. Theunconditional guarantee being offered by consortium, led by the State Bank of India (SBI), might well be the largest such guarantee offered in the recent past, bankers confirmed to FE.