Essar sought withholding tax exemption from the Mumbai tax department about two weeks ago, even before the deal was announced on October 15, said the persons cited above. The tax department is expected to make a decision on the matter in the next four weeks, experts said. "No application has been made to the Income tax department in connection with the proposed deal," a spokesperson told ET. "The Ruias are selling a 98 per cent stake in Essar Oil along with a port at Vadinar in Gujarat to a consortium led by Russian oil company Rosneft, it was announced on Saturday. It may also look at the manner in which the Vadinar port sale was clubbed with the Essar Oil deal, they added.

Source: Economic Times October 19, 2016 19:30 UTC