Nov. 21 (Bloomberg) -- Royal Dutch Shell Plc is in talks to acquire a 10 percent stake in India’s Essar Oil Ltd., the Economic Times said, citing unidentified people.

Shell will buy the stake, valued at about $364 million, as part payment for selling three of its European refineries to Essar, the newspaper said.

An Essar Oil spokesman declined to comment when contacted by telephone today. A Shell spokeswoman also declined to comment.

To contact the reporter responsible for this story: John Chacko at jchacko@bloomberg.net

Last Updated: November 21, 2009 08:11 EST