The move follows objections and a legal recourse taken by the lenders to stall the sale of the pipeline to Numetal. Without the ownership and access to this infrastructure, operating Essar's steel plant could be challenging. Odisha Slurry Pipeline Infrastructure wrote a letter to all banks on March 28 informing them that it had arranged to refinance the loan. The ore is then carried by ship to the west coast port Hazira where the Essar plant is located. Just when the race for Essar was hotting up, Numetal approached the fund to buy back the stake.

Source: The Telegraph March 30, 2018 19:07 UTC