Essar, Rosneft deal to close by next week

Essar, Rosneft deal to close by next week

The Ruias of Essar group are racing against time to close the $13-billion sale of its Gujarat-based refinery to Russian oil major, Rosneft by as early as next week. The group has already received $300-million from the Russian company its stake in Essar Oil and expects rest of the proceeds with the deal closure which would help it to retire debt.