India, Russia in deal paving way for Rosneft-led group to acquire Essar Oil

15 Oct, 2016 2:07 pm

GOA- India and Russia on Saturday signed a deal to pave the way for a group led by Russian oil major Rosneft (ROSN.MM) to acquire India’s Essar Oil.

The group will acquire Essar Oil ESRO.CL in a deal worth $12 billion to $13 billion, including debt, two sources privy to the deal told Reuters.

Russian lender VTB (VTBR.MM) will give Essar $3.9 billion in credit for debt reconstruction, VTB Chief Executive Andrei Kostin said on Saturday. -Reuters

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