ICICI Bank, Axis Bank and Standard Chartered Bank have now been repaid nearly Rs 6,300 crore to by Essar Global. This repays entire Rs 31,500 crore of loans availed from these banks between 2008-14, the company said. The only remaining lender to Essar Global is Russia’s VTB, it added.

The proceeds of Rs 6,000 crore and Rs 24,000 crore arising out of sale of Global Fund’s BPO arm Aegis respectively have also been used to reduce group’s debt.

“A further Rs 45,000 crore of group debt relating to Essar Steel India is being addressed through the ongoing insolvency and bankruptcy process,” company said. “In this regard, lenders have already received an offer from ArcelorMittal offering them cash repayment of Rs 42,000 crore”, it added.

A subsidiary of Essar Global has separately offered Rs 54,389 crore to fully pay all outstanding of lenders and operational creditors.

In addition, Essar has paid Rs 3,955 crore to minority shareholders of Essar Oil and Rs 1,400 crore to minority shareholders of Essar Ports.

“Over the past two years, we committed ourselves to a massive deleveraging programme and have repaid more than Rs 1,37,000 crore to our lenders, most of which will go to the Indian bankers and lenders. The premium valuations being placed on various assets that have been sold by Essar are a testament to the quality of these assets and businesses we have built over the years,” it said.