OREANDA-NEWS. December 15, 2014. VTB Bank signed a Memorandum of Understanding to provide a facility of up to USD 1 bn to Essar Group, one of India’s largest industrial groups.

The deal is intended to finance the continued consolidation of certain assets in Essar Group’s investment portfolio and the strengthening of their capital structure.

The MoU was signed by Andrey Kostin, President and Chairman of VTB Bank Management Board, and Essar co-founder Shashi Ruia.

This financing follows the successful USD 1.2bn transaction arranged in 1H 2014 by VTB Capital who acted as Financial Adviser and Financier for the company in taking its key assets private, which were listed on the London Stock Exchange.