India's biggest deal worth Rs 72,800 crores: Essar oil sells to Russia's Rosneft
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India's debt-laden The deal will see Rosneft, along with its partners
Sources familiar with the matter had told
It will give Rosneft a 49 % stake in
"Rosneft will not get a controlling stake, partly because of these reasons (sanctions)",
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It was finalised after Indian Prime Minister
The all-cash deal will give Rosneft and its partners control of Essar's 20 million tonne refinery in Gujarat, and its retail fuel outlets in India, where growth for refined petroleum goods in the next five years is expected to be in the 5 percent to 7 percent range.
"Rosneft is entering one of the most promising and fast-growing world markets," said its Chief Executive
Separately, Rosneft said it would use Venezuelan crude to supply the Vadinar refinery.
The closing of the transaction is conditional on receiving requisite regulatory approvals that are expected before the end of the first quarter of 2017.
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The deal also reduces some of the pressure on Essar, which is controlled by the billionaire In parallel with the deal, Russian lender VTB said on Saturday it would lend Essar about $3.9 billion toward debt reconstruction.
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