Banks in India suing Essar Group
$560 million in damages sought
Some banks in India are suing the Essar Group. They want to be paid back for overruns in cost related to Essar’s unfinished mine and processing plant in Nashwauk.
According to the Economic Times, the banks wants $560 million in damages.
Essar is now going through bankruptcy and looking for another group to take over the Nashwauk project.
Essar also owes other contractors and vendors millions of dollars as part of that project.