Essar Oilfields Services Ltd has raised at least $240 million (Rs1,157 crore) from a group of overseas and domestic banks to achieve financial closure for its semi- submersible rig Essar Wildcat.
Essar Oilfields is a subsidiary of Essar Shipping Ports and Logistics Ltd which, in turn, is part of the Essar Group that has interests ranging from steel and shipping to refining. The Essar Group also plans to invest at least $1 billion in the oil drilling business.
Timed well: Essar Oilfields rig Essar Wildcat. Drilling has been completed in a KG basin ahead of schedule.
V. Ashok, director of Essar Shipping confirmed the development, saying his company has been given “a four-year repayment profile at competitive terms”. He did not divulge details of fund-raising or the banks involved in the deal.
Read more at http://www.livemint.com/2009/09/18223012/Essar-Oilfields-raises-240-mi.html
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