After the BRICS Summit the Essar group owned by the Ruia’s was bought by the Russian business giants Roseneft Ltd. The deal was confirmed in 12.9 billion dollars. Soon after the deal was concluded Ruias have started to pay back their debts to the Banks like ICICI, Axis banks and the Standard Chartered. An estimate of $2.5 billion of money was shifted last night by the Ruias in the accounts of these respective banks.

The two Indian lenders -- which together had an exposure of $1.5 billion -- will get back nearly half of their money or about $770 million in cash while further $750 million of debt will get transferred to Rosneft-led consortium and Essar's ports and other businesses, as per the terms agreed upon by them.

Three fourth of the total amount that was landed by the Indian Banks belongs to the ICICI bank whereas the rest one fourth is the belonging of the Axis bank.

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