Deals
Rosneft, Trafigura to Spend $13 Billion to Buy Indian Refiner
- Equity value about $5.8 billion; approvals seen by year-end
- Deal will help Essar Group cut debt by more than 50%: Ruia
An Essar Oil refinery.
Photographer: Sam Panthaky /AFP via Getty ImagesThis article is for subscribers only.
India’s billionaire Ruia brothers agreed to sell a 98 percent stake in their refinery unit to Rosneft PJSC, Russia’s biggest listed oil producer, and a consortium of Trafigura and United Capital Partners for about $13 billion.
Essar Group will sell 49 percent of Essar Oil Ltd. each to Rosneft and the consortium for an enterprise value of 728 billion rupees ($10.9 billion), the Indian conglomerate said in a statement on Saturday. The equity valuation will be about $5.8 billion, the price at which the company was delisted, Essar Group director Prashant Ruia told reporters at a briefing in Goa, India.