LIC demands dues from Essar to give clearance to Rosneft-Essar deal
(WorldNews Business)

MUMBAI: India`s top financial institution LIC wants its pound of flesh before it gives the green signal to the $13-billion Essar-Rosneft deal which would be the largest inflow of foreign direct investment into the country. The state-owned life insurer has spelt out that it would issue a `no-objection certificate` (NoC) only after Essar clears all dues. The covenants on LIC`s loan to Essar Oil require lender`s consent for change of management, said an LIC spokesman in response to ET`s email query. LIC`s loan outstanding to Essar Oil is $125 million while its exposure to Essar Power is around Rs 1,500 crore. `We had received proposal from group companies for flexible restructuring and it was...