Rosneft’s Essar Oil acquisition includes the sale of the 20 NTPA Vadinar refinery and Vadinar port in Gujarat to Rosneft PJSC, United Capital Partners and Trafigura Group Pte. Photo:Mumbai: The nearly $13-billion acquisition of Essar Oil Ltd by a consortium led by Russia’s Rosneft PJSC was completed on Sunday, two people aware of the matter said. The deal’s consummation paves the way for the Essar group to reduce its debt. An Essar group spokesperson declined to comment. At the time of signing the deal, Essar group director Prashant Ruia had said in an interview that the deal would wipe out a substantial part of the holding company’s debt.

Source: Mint August 20, 2017 21:22 UTC