Essar Steel Dues To Odisha Slurry Pipeline Infrastructure Continue To Pile Up

- Jun 21, 2018-

Financial Express reported that Odisha Slurry Pipeline Infrastructure (OSPIL), which owns the pipeline carrying iron ore to Essar Steel, has not been receiving payments from the steelmaker, Sunil Kanoria, vice-chairman, Srei Infrastructure Finance, has confirmed. Kanoria told FE that since the pipeline is a leased asset, payments should have been regular. He said “It’s an operating expense and the company should have paid the monthly rentals. The company is using the asset, but not paying.”

OSPIL owns the pipeline that carries iron ore from Odisha to Paradip port, from where the ore is sent to Essar Steel’s plant in Hazira, Gujarat. The remaining 30% is held by Essar Steel. India Growth Opportunities Fund, floated by Srei Infrastructure, holds a 70% stake in OSPIL.

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