Rosneft’s deal to acquire Essar Oil is not important simply because a highly-leveraged corporate is selling family silver to put its house in order; it has far-reaching implications for India’s downstream oil business, especially fuel retailing. The de-regulation of the downstream sector had triggered a re-rating of most state-run oil marketing companies. Is the best behind for them?
Rosneft (Russia’s state-owned energy giant), along with Trafigura (Swiss commodity trading firm) and United Capital Partners UCP (Russian Bank) recently completed the acquisition of 98 percent stake in Essar Oil for USD 12.9-billion. The deal asserts that the Indian Oil retail market is an attractive investment option for foreign investors. Read More…
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