Ros­neft, part­ners take con­trol of Es­sar Oil

India Business Journal - - NEWS ROUND-UP -

The Es­sar Oil-Ros­neft deal closed last month, with Rus­sia's Ros­neft buy­ing 49.13 per cent in the Indian oil company, and its part­ners, Trafigura and Rus­sian fund United Cap­i­tal Part­ners (UCP), pur­chas­ing a sim­i­lar stake for $12.9-bil­lion (over Rs 82,500 crore). The re­main­ing 1.74 per cent stake con­tin­ues to be held by re­tail share­hold­ers. The deal will give Ros­neft and its part­ners con­trol over 20-mtpa Vad­i­nar re­fin­ery in Gu­jarat and more than 3,500 petrol pumps. Es­sar Oil CEO Lalit K Gupta re­signed af­ter the deal. B Anand, the CFO of Trafigura In­dia, and Tony Foun­tain, a for­mer RIL ex­ec­u­tive, were ap­pointed CEO and chair­man of Es­sar Oil re­spec­tively.

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