Russian bank VTB to give up to $1-billion credit to Essar Group

Russian bank VTB will provide up to $1 billion credit to Essar Group for its corporate and project needs. The agreement to this effect was signed by Essar co- founder Shashi Ruia and VTB Chairman Andrey Kostin in presence of Prime Minister Narendra Modi and Russian President Vladmir Putin. The MoU “envisages finance arrangement of USD one billion to Essar by VTB for general corporate purpose,” a statement said.