Of the rest, 20% will be in the form of exposure to Vadinar port and other infrastructure that has been sold to Essar Oil buyers -Rosneft, Netherlands-based oil trading company Trafigura and Russian fund UCP. “The deal is in line with what Indian lenders wanted. There is zero write-off for them,“ said a source, adding that the Indian lenders did not have any overdues from loans to Essar Global. Standard Chartered may have to take a hit of up to $750 million on its exposure. We won't comment on any specific exposures in the book, and will provide any further updates as necessary ,“ a Standard Chartered spokesperson said in response to an emailed questionnaire.Essar Group sources said there are four lenders to Essar Global and $5 billon would be repaid.

Source: Economic Times October 20, 2016 05:37 UTC