Essar wins delay on tax bill

Essa

Essar Energy’s shares leapt 6.1 per cent yesterday after it got longer than expected to pay a tax bill for its oil subsidiary in India. Essar Oil will now pay back $939m (£583m) over two years from January, after India’s supreme court overturned a demand for payment within six months. Essar has also won a cut to the interest rate it must pay on the bill, in a deal the firm hopes will bring to an end years of legal wrangling.