India's Essar Steel picks advisers to help sell stake, cut debt

November 8, 2015 5:11 AM

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NEW DELHIIndia's Essar Steel, facing growing pressure from its lenders to cut its debt burden, has appointed ICICI Securities and SBI Capital Markets as advisers to help it sell a stake in the business, the company said.

Essar Steel is suffering along with much of the industry from the impact of Chinese over-supply and falling prices, and the group had already announced plans to raise funds by selling some of its non-core assets.

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