Indian Essar Oil changes name to Nayara Energy
Indian Essar Oil Limited has been renamed as Nayara Energy Limited following changes in the company’s ownership structure and in line with the company’s development strategy.
The term ‘Nayara’ is coined from Hindi “Naya” (new) and “Era” and signifies the shareholders’ vision of bringing the asset to a new era of development, according to a company release.
Essar’s retail network of 4,500 fuel stations in India will keep its name after the rebranding of the parent entity.
Aside from petrol stations, Nayara Energy also owns a port, an oil depot terminal, and the second largest private refinery in India.
Nayara Energy was acquired by Rosneft and a consortium of international investors Trafigura and UCP from Essar Energy Holdings and its affiliates in August 2017.
