Debt-laden Essar Steel on Monday said its promoters have assured the Joint lenders Forum (JlF) that they will infuse additional funds in the firm to support its operations and ‘improve capital structure’.
The embattled firm, which met its lenders last week, also assured the banks that it is still searching for a strategic investor and the process is in early stages and may take 6-12 months. During the meeting with lenders, Essar Steel apprised banks of significant improvement in its all-round performance.