Standard Chartered moving past India woes with Essar payment

Mumbai

STANDARD Chartered plc can finally start to move beyond its woes in India.

The London-based lender is set to receive a US$2.1 billion repayment in the next few weeks from Essar Global, the steel-to-power conglomerate that's been one of its most problematic borrowers in the country, people with knowledge of the matter said. Standard Chartered may be able to write back around US$100 million of provisions it made to cover potential losses on Essar Global loans, according to the people, who asked not to be identified as the information is private. The bank, which gets most of its business from emerging markets, last year booked its first loss in more than a quarter century due to a sharp drop in revenue and surging loan impairments. Loan impairments from its ongoing business rose in the first half of 2016, due largely to provisions connected to Indian clients and the commodities industry.