Essar sells Mumbai office space for $353 million to cut debt | Reuters

MUMBAI Essar Group said on Wednesday it has signed an agreement with property developer RMZ Corp to sell 1.25 million square feet of office space for 24 billion rupees ($353 million), as part of efforts to sell non-core assets to reduce debt.

Essar, which is controlled by the billionaire Ruia brothers and has presence across oil and gas, steel, ports and power, has been under pressure by its lenders to reduce debt, which, according to some analyst estimates, is more than $14 billion.

The property sold by Essar is an office space located in the prime commercial district Bandra-Kurla Complex in Mumbai.

The divestment is in line with Essar's focus to book profits in non-essential assets and deleverage its balance sheet, said Anshuman Ruia, a director on the board of some Essar Group companies.

($1 = 67.9945 rupees)

(Reporting by Promit Mukherjee, editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Feb 03, 2016 23:45 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See