Essar Energy Shares Drop Amid Setbacks in India By Alwxis Flynn LONDON- Shares in Essar Energy PLC fell 15% in London Monday after the India-focused oil refiner and power generator said it faced funding issues and continued difficulties sourcing fuel for the coalfired electricity plants that are key to its growth strategy. Essar energy, majority owned by the Ruia family-controlled Essar Group, may have to pay $1.23 billion to the Indian state goverment of Gujarat sooner than anticipated, after a court ruled last month that it was no longer eligible for a sales deferment tax program. Chief Excecutive Naresh Nayyar said Monday that the company is seeking a review of the decision and that it is also taking steps to ensure it has “ sufficient access to sources of funding and liquidity.” The company, which also posted a net loss of the full year on Monday, said it was pushing back the start date of three key power projects due to delays and uncertainties around the forest-clearing perm
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