The Essar group on Monday announced completing the sale of Essar Oil to a Rosneft-led consortium for $12.9 billion. With the consortium taking over $5 billion as debt and working capital, banks can expect better debt servicing and repayment from Essar Oil.
The Ruia-owned Essar group said it completed the sale of a 98 per cent stake in Essar Oil to Rosneft and the Trafigura-United Capital Partners (UCP) consortium.
“An asset development plan will be finalised to look for further investments to be made in the existing facilities,” said Tony Fountain, the new chairman of Essar Oil and a UCP nominee on the company’s reconstituted board of directors. Read More…
Credit By: Business Standard