Rosneft offered stake in Essar Oil by Ruia brothers

25/03/2015
Essar owners Ravi and Shasi Ruia

Essar owners Ravi and Shasi Ruia

Rosneft offered stake in Essar Oil: Months after signing a strategic crude sourcing agreement with Rosneft, the Indian steel-to-BPO conglomerate Essar Group is now looking to establish a deeper equity alliance with the Russian oil giant. Shashi and Ravi Ruia, the two brothers who control the conglomerate, have offered Rosneft a 50% shareholding minus 1% in its Essar Oil subsidiary which owns the country’s 2nd largest private oil refinery. The company is expected to be valued at $7-$8 billion.

 
Source: indiatimes