Mumbai : An ICICI Bank-led consortium has put Essar Power (Jharkhand) on the block to recover dues worth Rs 4,170 crore. This is the second Essar Power-owned company to be put under the hammer within a month.
The sale is part of an insolvency resolution process initiated against Essar Power (Jharkhand) in April on a plea by ICICI Bank under the Reserve Bank of
India guidelines on loan recovery.
The company owes Rs 3,630 crore to ICICI Bank and bulk of the rest to two promoter entities–Essar Power and Essar Power Transmission, according to relevant documents.
Earlier, an ICICI Bank-led consortium put Essar Power MP on the block to recover dues worth Rs 6,600 crore.
