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Ruias to shift focus to steel, power

However, sale of Essar Oil will result in a major drop in revenue and profit for the group

Krishna Kant & Dev Chatterjee  |  Mumbai 

The sale of Essar Oil, the Vadinar Port and power assets to Russian oil major Rosneft, commodity trading firm Trafigura and Russian investment fund United Capital Partners will result in a significant drop in the Essar group's revenue. While the group has not disclosed the financials for FY16 or projections for FY17, going by 2014-15 data, Essar Oil accounted for around 80 per cent of the group's combined revenues and profits. After the sale, Essar group will be left with Essar Steel, Essar Power, Essar Shipping, besides ports, business process outsourcing (Aegis) businesses ...

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