Rosneft, Trafigura lead $13b acquisition of India's Essar Oil
A Russian consortium led by Rosneft Oil Company, commodities trader Trafigura and private investment group United Capital Partners have signed a deal to acquire 98% of Essar Oil for around $13 billion.
The deal to acquire Essar Oil, the second biggest private oil firm in India, represents the largest foreign direct investment, reports Reuters.
Rosneft will control 49% of Essar Oil´s refinery, port and petrol pumps, while Trafigura and United Capital Partners split another 49% stake in the company.
The deal would be worth close to $12.9 billion, consisting in a large refinery in Gujarat, 2,700 fuel stations, a port, and further assets.
All approvals are expected by the end of this year and most of the proceeds will go to retire debt, Ruia said.
