Rosneft Oil Co. (ROSN.MZ) on Monday said it finalized a deal to buy nearly half of Mumbai-based Essar Oil Ltd. (500134.YY), enabling the Russian company to enter the fast-growing Indian market.
Under the deal, Rosneft is to acquire a 49.13% stake in Essar Oil from Essar Energy Holdings Ltd.
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A consortium formed of commodities trading and logistics house Trafigura Group Pte Ltd and Russian investment fund United Capital Partners has bought a separate 49.13% stake in Essar.
The three acquiring companies announced in October 2016 that they were buying Essar Oil's businesses for $12.9 billion.
Essar owns more than 3,500 gas stations across India and the country's second-largest refinery at Vadinar, which Rosneft said has significant prospects for expansion in the petrochemical production sector.
"The acquisition of the stake in Vadinar refinery creates unique opportunities of synergies with existing Rosneft-owned assets and will help improve efficiency of supply to other countries within the region," Rosneft Chief Executive Igor Sechin said.
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(END) Dow Jones Newswires
August 21, 2017 06:02 ET (10:02 GMT)