ALSO READEssar oil reports 10% rise in oil throughput Rosneft-led consortium plans to complete Essar acquisition next month - sources Russia boosts Urals oil flow to India as OPEC cuts output - traders India's crude oil refinery output rises 5.3% in December 2016 India's crude oil refinery output falls 0.6% in November 2016
"The Russian oil major who took over Essar Oil recently is planning in a big way to make inroads into India's retail fuel market," Pradhan told reporters after attending the City Gas Distribution (CGD) project to supply piped natural gas (PNG) to households in Bengaluru.
To a query on the size of investment to be made by Rosneft and Essar, he said both the companies have invested $13 billion in Indian market in the last financial year.
"It was one of the biggest deals in the oil industry in the world," he said.
During the second quarter of this financial year, BP and Reliance Industries have announced a $6 billion investment in India and Pradhan said this "indicates the progressive and reformative nature" of the Narendra Modi government.