A consortium led by Russian oil major Rosneft plans to finally complete its $12.9 billion acquisition of India’s Essar Oil next month, t
Holistic awareness and engagement programme for drivers and citizens across National Highways
Recent government statistics reveal the appalling state of road safety in the country, bringing to light the astonishing data of 1 road accident occurring every four minutes in India. With over 1,45,000 fatalities a year, India accounts for 12.5% of global road accidents. The United Nations mentions that India suffers a loss of $58 billion annually due to accidents. In 2012, 48,768 lives were lost in road accidents on the national highways with the number increasing to 51,204 in 2015.
Essar Oil Limited today announced to its shareholders that it had recorded its highest ever EBITDA, PAT and GRMs in FY 2015-16 at the 26th Annual General Meeting in Vadinar, Gujarat. In FY2015-16, the company achieved its highest ever EBIDTA of Rs 7,773 crore, which was 35% higher than the previous year. The Profit after […]
Essar Oil on Monday said it earned a record net profit of Rs 2,162 crore in the 2015-16 fiscal on back of robust refining margins.
Essar Oil, India’s largest private fuel retailer, plans to double the number of petrol pumps it has in the country to 5,600 in 12-18 months, the firm’s Chairman Prashant Ruia said.
A Rosneft-led group of buyers just closed a deal for 98% of the Indian firm Essar Oil’s Vadinar refinery and oil terminal facility in a masterstroke for Russia’s Pivot to Asia.
The complete details of the $12.9 bn Transaction To Sell 98% Stake in Essar Oil
In India’s largest FDI deal, Rosneft and International Investment Consortium To Acquire 98% in Ruia’s Essar Oil under a $12.9 bn deal
The Transaction is the single largest tranche of foreign direct investment in India, and re-establishes the image of India as an attractive destination for foreign investments. Earlier in 2007, Essar Group, together with Hutchison Whampoa, brought Vodafone into India through an $11.1-billion transaction. With the current Transaction, this is the second instance that Essar has brought in world leaders in the sector to participate in the India growth story.
In the single largest tranche of foreign direct investment in India, a $12.9 billion deal (Rs 86,100 crore) was inked on October 12 for sale of 98% in Essar Oil to Rosneft and investment consortium led by Trafigura. The transaction, that was announced in the presence Prime Minister, Narendra Modi and Vladimir Putin, President of the Russian Federation, at the BRICS Summit in Goa (India), includes Rs 72,800 crore ($10.9 bn) for Essar Oil’s refining and retail assets and Rs 13,300 crore ($2 bn) for Vadinar port and related infrastructure.
Over a decade after India began allocating coal-bed methane (CBM) blocks to investors, the country is nowhere near what the US, Canada and Australia have achieved in developing this energy resource
Energy major Essar Oil is expecting some incentives for exploration of gas keeping in view challenges and difficulties like