16 June 2015, News Wires – Russian behemoth Rosneft is on the verge of snapping up a significant stake in Indian producer and refinery player Essar Oil, according to a report.
The state-owned giant is close to clinching a 49% stake in Mumbia-listed Essar in a deal worth 105 billion Indian rupees ($1.63 billion), Indian newspaper Business Standard reported.
Rosneft would be picking up the stake from the Ruia family of billionaires, the newspaper reported, without naming its source.
The deal could be announced as early as Tuesday, it added.
A spokesperson at Essar told Upstream: “It is not our policy to comment on market speculations. The company has already informed the stock exchanges last week stating that there is no event or development which is required to be submitted to the stock exchanges as per the listing agreement.”
Sources in India told Upstream they deal is imminent but will not be concluded on Tuesday.
Shares in Essar were trading down around 2% in the mid-afternoon in Mumbai on Tuesday.