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04

Standard Chartered Said to Seek Sale of Billionaire Ruia Loans

By Tony Seruga

Creditors approach VTB on loans to Indian industrial tycoons
Bank weighs appointing advisers for sale of Essar Group stakes

Standard Chartered Plc and other creditors to India’s billionaire Ruia brothers are seeking to sell off some of the about $3.5 billion in loans extended to the Essar Group conglomerate’s owners, people with knowledge of the matter said.

Standard Chartered, ICICI Bank Ltd. and Axis Bank Ltd. approached Russia’s VTB Group to gauge its interest in buying a portion of their loans to the Ruia brothers’ holding company Essar Global, the people said, asking not to be identified as the information is private. Essar Global holds the tycoons’ stakes in group entities including Essar Oil Ltd., Essar Steel and Essar Power Ltd…

Standard Chartered Said to Seek Sale of Billionaire Ruia Loans

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