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Russian Bank VTB to Lend India's Essar $1 Billion
11 Dec 2014, 03:38 PM IST ![NDTV Profit](/icons/feather-without-circle.svg)
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![Russian Bank VTB to Lend India's Essar $1 Billion](https://media.assettype.com/bloombergquint%2Fimport%2Fessar_625x300_41385028443.jpg?auto=format%2Ccompress&w=200)
New Delhi: Russian bank VTB will open a $1 billion credit line to India's Essar Group, chief executive Andrei Kostin said on Thursday during a visit to New Delhi by President Vladimir Putin.
Mr Kostin also said that VTB would not ask for more than 250 billion roubles ($4.6 billion) in financial assistance from a government rainy-day fund called the National Wealth Fund.
Russian banks have faced difficulties in refinancing due to Western sanctions.
Mr Kostin also said that state-controlled VTB has no plans to leave the London Stock Exchange, where its shares are listed.
($1 = 54.9200 roubles)
Copyright: Thomson Reuters 2014
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