Rosneft, partners take control of Essar Oil
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.