Essar Energy transition fuels secures $650 mn in financing

04 Oct 2024 CW Team

Essar Energy Transition (EET) Fuels, the owner of the Stanlow refinery, announced on Thursday that it has successfully secured $650 million in receivable financing and trade credit financing facilities this quarter.

According to the official press release, the new funding includes a $150 million receivable facility with ABN AMRO Bank, an extension and increase of the HCOB and UMTB facility to $200 million for receivable financing, and a $300 million trade credit financing agreement with an international oil company.

These facilities are designed to enhance EET Fuels’ strategic and financing partnerships, particularly with major European banks and established trading partners. The funding will also support the development of customer offerings and bolster relationships and sales volumes, further strengthening EET Fuels’ balance sheet.

“This is a fantastic outcome for EET Fuels. With the backing of significant financing partners for our decarbonization strategy, we can continue to invest in and grow our business with confidence,” stated Satish Vasooja, CFO of EET Fuels.

Tarun Naruka, head of corporate and structured finance at EET Fuels, added that these new facilities will enhance the company’s financial flexibility and strengthen its balance sheet.

The press release also highlighted that EET Fuels is setting a new global standard for industrial decarbonization, aiming to become the first low-carbon process refinery and planning to reduce emissions by 95% by the end of the decade.

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..