India-focused energy firm Essar Energy plc's (ESSR.L) said its unit, Essar Oil Ltd., has made an initial payment of 10 billion rupees or around $182 million to the Gujarat Government relating to the deferred sales tax liability from its Vadinar oil refinery of 61.69 billion rupees or nearly $1.12 billion.
Essar Oil continues to pursue the matter of a schedule for repayment of the overall sales tax liability both by legal means and with the Government of Gujarat.
On July 23, Essar Oil secured a new credit facility with its Indian banks of up to 50 billion rupees or about $900 million to meet the deferred sales tax liability as required.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.