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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4731)	6/25/1999 12:10:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

India's Essar group to sell power firm to Marathon Power,affiliate of US Steel. Essar Group Home. essar.com Essar in pictures essar.com StockWatch Essar Steel walletwatch.com Essar Oil walletwatch.com Essar Shipping walletwatch.com ================================== BOMBAY, June 25 (Reuters) - India's Essar Group said on Friday it has signed an agreement with Marathon Power Company, an affiliate of US Steel, to sell its 100 percent holding in Essar Power Ltd for $170 million. ''The transaction is expected to be consummated by August 31, 1999 or earlier after necessary approvals,'' Essar Group said in a statement. Essar Power has a 515 megawatts power project at Hazira in the western state of Gujarat which was commissioned in October 1997. It has a 20 year power purchase agreement with Gujarat Electricity Board and Essar Steel Ltd . ''Essar Steel will continue to receive constant and uninterrupted power supply under a 20-year power purchase agreement at an economic cost,'' the statement said. ''(The deal) signifies the debt reduction and exposure reduction of 15.50 billion rupees to financial institutions and banks,'' the statement said. ''This is a part of the Group strategy for reduction of debt.''