August 21, 2017 / 6:51 AM / 7 months ago

BRIEF-India's Essar Group CEO says proceeds from Essar Oil sale will be used to reduce group debt

Aug 21 (Reuters) - India’s Essar Group CEO Prashant Ruia says:

* Proceeds from Essar oil sale deal will be used to substantially reduce group debt

* 700 billion rupees will be restructured through this deal

* Revenues of Essar Oil after the deal will be $15 billion annually

* Operating co level debt comes down by 350 billion rupees and rest goes to reducing debt of holding co

* Will soon announce per share deal and will return money to shareholders if it is in excess to delisting price

* Around $3.5 billion will come to India through this deal

* Rosneft will continue to use Essar brand for Essar oil retail

* Majority of VTB Capital debt will be paid

* Dues owed to Iran will be a part of Essar Oil and will not go to Rosneft

* Repayment to be done to Indian lenders will be 10 percent of total amount owed by the company

* Will be investing $250 million in Stanlow refinery in U.K. Further company coverage: (Reporting By Promit Mukherjee)

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