Essar Steel Limited Appoints Banc of America Securities

LLC MUMBAI, India, A (PROTEXT) - Essar Steel Limited has appointed Banc of America Securities LLC (BAS), Charlotte NC, USA as its financial advisor. Under this engagement, BAS's task will be to assist the Company in a comprehensive review to restructure/reduce its indebtedness and financing costs. The Company did not make the scheduled principal maturity payment due July 20, 1999, on its US$ 250 million Floating Rate Notes. The Company has notified the Trustee of the notes that it has retained an outside advisor. The Company plans to work with its financial advisor and deliver a comprehensive repayment plan to the noteholders. Information and questions regarding the Company's current actions and repayment plan may be directed to the Company at +91-22-495-4458 or its financial advisor at either 704-388-4807 or toll free at 888-292-0070. BAS has extensive international financing experience and is an industry leader. BAS, a subsidiary of Bank of America Corporation, is a full-service investment bank and brokerage firm. With principal offices in San Francisco, New York City and Charlotte, BAS employs more than 4,000 associates in offices around the country, and with affiliates, offers capabilities worldwide. Bank of America, with $614 billion in total assets, is the largest bank in the United States, with full-service consumer and commercial operations, as well as international corporate financial services for transactions in 190 countries. Bank of America stock (NYSE: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. Essar Steel Ltd. is a 2.0 million tonne per annum capacity, state of the art steel manufacturing company having its operations at Hazira, Gujarat in India. Essar Group represents one of India's leading business conglomerates, with an asset base of over U.S.$ 4.0 billion (Rs. 16000 crores). The Group is committed to the development of core sector and infrastructure businesses. Essar Group is actively involved in five principal areas of business viz., Steel, Shipping, Oil and Gas, Power and Telecommunications. ots Original Text Service: Essar Steel Ltd. Internet: http://www.newsaktuell.de Contact: Essar Steel Ltd., +91-22-495-4458 Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT