49141 - BSE,Company Announcement

Updated:17 May 2013 03:40:00 PM(IST)

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Essar Oil secures loan facility to repay deferred sales tax liability
Essar Oil secures loan facility to repay deferred sales tax liability Essar Oil today announced that it has tied up a new credit facility from its domestic banks to provide a credit line of up to Rs 5,000 crore to meet its Sales Tax liability of Rs 6,169 crore. The company continues to pursue the matter of repayment schedule of its sales tax liability both legally and with the State Government. Essar Oil is confident that with this facility tied up it will be in a position to meet its entire payment obligations.