Home Ministry and IB caution against Essar-Rosneft multi-billion deal over Vadinar port

Home Ministry and IB caution against Essar-Rosneft multi-billion deal over Vadinar port

Home Ministry and Intelligence Bureau (IB) have red flagged the consortium between Essar Oil and Russian oil company Rosneft over security concerns, stated a report by the Economic Times.

Quoting government sources, the report stated that the Home Minstry have reservations about the deal originate from the Vadinar port being a part of the deal. Under what has been hailed as India’s biggest FDI deal, $13 billion, or Rs 84,000 crores, will be paid by Rosneft, a Russian bank UCP and a Swiss commodity trading form for 98 per cent stake in Essar Oil. This will cover India’s second largest oil refinery at Vadinir and around 3,000 fuel stations across the country, the report said. Read More…

 

Credit By: Business Today

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