Indian Banks Sue To Recoup $109M Essar Construction Loan

By Lucia Osborne-Crowley (August 26, 2021, 12:51 PM BST) -- Four lenders including the London branch of a bank owned by the Indian government are suing an arm of construction giant Essar Group for $109 million in an attempt to collect on an unpaid loan.

Canara Bank — alongside another state-owned lender, Indian Overseas Bank, as well as SBI (Mauritius) Ltd. and AfrAsia Bank Ltd. — have told the High Court that construction company IDH International Drilling Holdco Ltd. still owes it $109 million from a loan agreement signed in 2010.

The banks told the court that they agreed to lend a total of $150 million to the subsidiary of the...

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