Essar Oil is in advanced talks with the State Bank of India ( SBI) to arrange a six-year loan to pay Rs63 billion in sales tax to a state government, as per the reports
Essar Oil, 87% owned by London-listed Essar Energy Plc, had deferred $1.24 billion under a tax benefit provided by Gujarat, where its Vadinar refinery is located. In January, India's top court ruled that Essar oil was not allowed to defer the payment.
An Essar spokesman told that the company was talking to banks for loans to support the payment to Gujarat government, if required. The paper cited an unnamed SBI executive confirming that Essar had approached the bank.
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Essar Oil, 87% owned by London-listed Essar Energy Plc, had deferred $1.24 billion under a tax benefit provided by Gujarat, where its Vadinar refinery is located. In January, India's top court ruled that Essar oil was not allowed to defer the payment.
An Essar spokesman told that the company was talking to banks for loans to support the payment to Gujarat government, if required. The paper cited an unnamed SBI executive confirming that Essar had approached the bank.
....more info