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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by RTT Staff Writer
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