Rosneft finalised the agreement for the largest foreign investment in India

The Essar oil refinery at VadinarBy Abhisek Sarda -, CC BY 2.0,

The Essar oil refinery at Vadinar
By Abhisek Sarda source, CC BY 2.0, link

Essar will soon be completing the $13.3 billion sale of Essar Oil’s stake to Rosneft and the investment consortium led by Trafigura and UCP. Mr Igor Sechin, the CEO of Rosneft, had also announced at the company’s AGM yesterday that the transaction can now be “considered as closed”. This paves the way for the culmination of the landmark deal, which is the largest foreign direct investment in India.
Signed on 15 October 2016, the sale transaction was announced in the august presence of Mr Narendra Modi, Honourable Prime Minister of India, and Mr Vladimir Putin, Honourable President of the Russian Federation, at the BRICS Summit in Goa.
The all-cash deal encompasses Essar Oil’s 20 million tonne refinery at Vadinar in Gujarat, and its pan-India network of over 3,500 retail outlets. The world-class refinery, which accounts for 9% of India’s total refining output, is supported by a 1,010 MW captive power plant, and a 58 million tonne deep draft port that helps in importing crude and exporting finished products for the refinery.