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Prashant Ruia, a member of the second generation of the Ruia family that created Essar Group, said, "Essar is now positioned for development and revival." "After consolidating our operations over the last four years, we have now started our next growth phase, which is centred on contributing to the development of a sustainable energy future that will affect lives and livelihoods for a greener world."

According to a source familiar with the subject, a portion of the sale's revenues are anticipated to be used to settle Essar Group's debt, while the remainder may be utilised as expansion capital for the group's green and current companies.

Essar said in a press release that the transaction finishes its $25 billion (?2 lakh crore) asset monetisation programme and that Indian banks had been "nearly completely repaid."

The group's total revenues will reach $15 billion, or approximately?1.2 lakh crores, and its assets under management will total $8 billion (?64,000 crores), including assets in India and abroad.

AM/NS India India said that the deal would be entirely financed by the firm, implying there will be no financial injection from its parent corporations.