Shashi and Ravi Ruia promoted Essar Group has concluded its biggest monetisation exercise by selling flagship Essar Oil to Russia’s energy giant Rosneft and partners Trafigura and UCP Investment Group, providing relief to lenders.
The transaction has been in the making for over two years and ET was the first to report the negotiations in March 2015. The deal was signed in October last year in the presence of PM Narendra Modi and Russian President Vladimir Putin at the BRICS Summit but faced delays as Essar’s lenders had reservations and India’s intelligence agencies raised red flags. Read More…
Credit By: ET
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