Apart from Essar's four lakh barrel-per-day refinery, the agreement includes the sale of the Vadinar Power Company, two ports and more than 3,000 retail outlets.
A consortium led by OAO Rosneft today announced completion of the deal to acquire private refiner Essar Oil strengthening bilateral relations between the world's largest oil producer and the fast-growing fuel consumer. Previously, in 2007, Essar Group, together with Hutchison Whampoa, brought Vodafone into India in a $11.1 billion transaction.
"The deal marks three firsts in the country - the largest FDI ever inflow; largest delevaraging in the history of India Inc and the largest contributor to the nation's FDI inflow.
We are confident that together with all the new shareholders - recognised leaders in their industries, we will oversee the growth potential of Essar Oil to increase the long-term value of the company".
Rosneft (through its subsidiary, Petrol Complex Pte Ltd) has acquired 49.13 percent stake, and Trafigura-UCP consortium (through Kesani Enterprises Company Limited) acquired an equal stake in Essar Oil.
The deal, which was originally scheduled to be completed by March this year, faced delays with some of Essar's lenders, like the Life Insurance Corp. of India and others, demanding that their dues be cleared before approving the transaction.
The deal comes more than 10 months after it was announced on October 15 previous year on the sidelines of the BRICS summit in Goa.
The group's debt is pegged at Rs 80,000 crore and according to Prashant Ruia, director of Essar Capital, the deal with Rosneft, Trafigura and UCP will help Essar retire debt to the tune of Rs 70,000 crore.
Essar Oil on Monday announced a new 12-member board and appointed Tony Fountain as its chairman.
Prashant Ruia, Director, Essar Capital, said: "With this deal, we have completed our monetisation and deleveraging programme, which is the largest undertaken by any corporate in recent years. With the completion of our capex programme, we now look forward to a period of growth in our wider portfolio of businesses".
Rosneft's Chief Executive Officer Igor Sechin said the oil producer will help Essar improve its financial performance and adopt an asset development strategy. "Our stake in Essar Oil also complements Trafigura's growing presence in India at a time when the country's economic outlook is positive".
Rosenft has said that since 2014 it has lent least $6 billion to Venezuela, with Caracas paying back some of that debt through oil shipments. Under the deal, Essar Oil has a non-compete agreement with Essar Group, which can not venture into oil refining and fuel retailing, Essar Oil Director Kris Zielicki said.
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Monday, August 21 Morning Forecast
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