Nahata, the executive director for M&A at Essar Group , spent most of 2016 away from India. With a bigger deal in mind, the Ruias engaged the Russian Bank VTB Group to put together a consortium to take on the other 49 per cent in Essar Oil. We will continue working towards this objective with others.” Since the deal was announced, the ICICI Bank scrip has moved up by 10 per cent.Essar Oil was not the only deal announced in October 2016. In fact, Essar Oil was never a problem for the group, the big problem remains Essar Steel. At the time Dhanpat Nahata worked for Ernst & Young that was advising the Essar Group on the Vodafone deal.

Source: Economic Times October 22, 2016 18:22 UTC