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Mumbai, Dec. 1 The Essar group has closed a term loan facility for $3.59 billion (over Rs 14,000 crore), monetising its put option in Vodafone-Essar, and raising resources for the group’s plans in sectors ranging from energy to shipping. The group’s wholly owned subsidiary Essar Communications raised this loan against the “liquidity rights” agreed between Vodafone and Essar, said a statement from the Essar group. Essar has the option to sell its 33 per cent equity stake in Vodafone Essar to Vodafone for a floor price of $5 billion (Rs 20,000 crore). The loan facility has a maturity date of December 8, 2011. It was underwritten and arranged by BNP Paribas, Citigroup Global Markets Ltd, Commerzbank AG and Standard Chartered Bank. The Essar group is raising funds for various ongoing projects. —

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