Essar Shipping
Limited prepays Rs. 136 crs (USD 28.18 mn) assistance from
ICICI Bank Limited
December 19, 2002
Essar Shipping Limited (ESL)
has prepaid Rs 136 crs (USD 28.18 mn) loan, 3 years ahead
of the scheduled maturity date. ESL had availed, in January
1999, a 12.88%, Rs 136 crs (USD 28.18 mn) Loan from ICICI
Limited maturing in October 2005. With this prepayment
ESL will save total interest of Rs. 10.56 crs (USD 2.19
mn) per annum. In the current quarter, ESL has prepaid
in total Rs. 154.74 crs (USD 32.28 mn.) of its borrowings.
Essar
Shipping has been a consistent performer having posted
profits since inception in the year 1975. For the financial
year ended March 2002, ESL posted revenue of Rs. 490 cr.
(USD 101.55 mn) and a net profit of Rs. 73 cr. (USD 15.13
mn).
ESL is one of the world's leading integrated sea logistics
company focused at providing optimal integrated sea logistics
solutions through a diversified fleet of vessels of 33
vessels, storage facilities and supply chain management
services. ESL has earned a reputation of safety and excellence
in providing transportation services to major oil companies,
oil traders and government agencies worldwide.
ESL is a leading provider
of international crude oil and petroleum products transportation
services through its fleet of six double hull, double bottom
Suexmax Tankers of 1,40,000 DWT each and Product Tankers.
The Company has its Corporate office in Mumbai and an office
in New York to take care of the requirements of its fleet
plying in the USA.
ESL is a part of Rs. 17,000 crs (USD
3.60 bn) Essar Group. Essar's businesses are at the heart
of Indian economy - steel, electricity generation, construction,
oil & gas and lately the sun rise sector of telecom
services, to continue the Group's rapid growth.
All the
businesses of the Group are demonstrating healthy cashflows
with recent strengthening of steel prices, effective
cost management and consolidation exercise undertaken
by the Group. The present revenue of the Group is Rs.
5000 cr with a cahflow of Rs. 1300 cr.
CORPORATE