The Essar Group on Tuesday said it will pay an additional Rs 75.48 per share to Essar Oil’s ex-shareholders, who tendered their shares at the open offer in the run-up to the delisting of the company that was sold to the Russian giant Rosneft on Monday for USD 12.9 billion.
hashi 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.
On the 12-member board, Rosneft would have four nominee directors and UCP two, including Fountain. Trafigura would have two nominee directors (CEO is not part of the board).
On a day Essar Oil’s ownership changed hands following conclusion of $12.9 billion stake sale, new promoters Rosneft and consortium Trafigura-UCP consortium moved fast to pack board and management with their own representatives, which led to resignation of chief executive officer Lalit K Gupta who has been holding the post six year.
The country’s crude oil output rose 0.24 per cent and natural gas production was up 4.04 per cent in the June quarter of 2017 due to a push from state-run companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL).
Although Raghuram Rajan co-wrote the influential 2003 book, “Saving Capitalism From the Capitalists,” it has fallen upon his successor at the Reserve Bank of India to actually attempt such a thing.
Essar Oil (UK) Limited, which owns and operates the Stanlow Refinery at Ellesmere Port, has confirmed a new agreement with Etihad Airways for the direct supply of aviation fuel at Manchester Airport.
The stressed imported-coal based power plants of Tata Power and Essar Power in Gujarat are fit to be taken over and can be operated without technical glitches, state-run NTPC has found in its technical assessment.
The Petroleum and Explosives Safety Organisation (PESO) on Thursday urged oil companies to instruct all petrol pump dealers not to entertain vehicles of firms catering to home delivery of fuel, including petrol and diesel.
Essar Projects India Ltd. (EPIL), a leading EPC contractor, today announced the successful commissioning of four offshore well platforms for its client ONGC.
Jindal SAW, Essar Steel and Welspun Corp have petitioned the Directorate General of Anti-Dumping and Allied Duties (DGAD) to impose anti-dumping duty on imports of submerged arc welded (SAW) pipes from China, after local firms lost a number of tenders to Chinese suppliers.