Last week, Essar had decided to prepay $900 million of this debt to foreign lenders.
Essar Communications mandates four international banks to arrange a fully-underwritten $3.59 billion term loan
Ahead of his scheduled meeting with Vodafone CEO Arun Sarin, who is bidding for Hutch-Essar, Communications Minister Dayanidhi Maran on Wednesday said the government wanted good companies to enter the country.
The Reserve Bank of India has rejected Essar Communications' application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London.
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