You are here: Home » PTI Stories » National » News
Business Standard

Essar Oil's $13 bln deal with Rosneft-led group gets CCI nod

Press Trust of India  |  New Delhi 

Competition Commission has cleared the USD 13 billion all-deal involving and Russian major Rosneft as well as its partners.

The transaction, announced in October, would see Rosneft and its partners taking over India's second biggest private firm in an all-deal valued at about USD 13 billion.



In a tweet today, Competition Commission of (CCI) said it has approved "of in Limited by Rosneft, Trafigura Group Pte and United Capital Partners".

Under the deal, Rosneft would purchase 49 per cent stake in Essar Oil's refinery port and petrol pumps. Netherlands- based Trafigura Group Pte -- one of the world's biggest commodity trading companies -- and Russian investment fund United Capital Partners split another 49 per cent equity equally.

The remaining 2 per cent is held by minority shareholders after delisting of Essar Oil.

The deal has an enterprise value of close to USD 13 billion, including Essar Oil's debt of USD 4.5 billion and around USD 2 billion debt with the port company and power plant.

About USD 3 billion dues to Iran for past purchases will continue to be on books.

Mergers and acquisitions beyond a certain threshold are required to get the approval from CCI, which keeps a tab on anti-competitive practices across sectors.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Essar Oil's $13 bln deal with Rosneft-led group gets CCI nod

Competition Commission has cleared the USD 13 billion all-cash deal involving Essar Oil and Russian major Rosneft as well as its partners. The transaction, announced in October, would see Rosneft and its partners taking over India's second biggest private oil firm Essar Oil in an all-cash deal valued at about USD 13 billion. In a tweet today, Competition Commission of India (CCI) said it has approved "acquisition of shares in Essar Oil Limited by Rosneft, Trafigura Group Pte and United Capital Partners". Under the deal, Rosneft would purchase 49 per cent stake in Essar Oil's refinery port and petrol pumps. Netherlands- based Trafigura Group Pte -- one of the world's biggest commodity trading companies -- and Russian investment fund United Capital Partners split another 49 per cent equity equally. The remaining 2 per cent is held by minority shareholders after delisting of Essar Oil. The deal has an enterprise value of close to USD 13 billion, including Essar Oil's debt of USD 4.5 ... Competition Commission has cleared the USD 13 billion all-deal involving and Russian major Rosneft as well as its partners.

The transaction, announced in October, would see Rosneft and its partners taking over India's second biggest private firm in an all-deal valued at about USD 13 billion.

In a tweet today, Competition Commission of (CCI) said it has approved "of in Limited by Rosneft, Trafigura Group Pte and United Capital Partners".

Under the deal, Rosneft would purchase 49 per cent stake in Essar Oil's refinery port and petrol pumps. Netherlands- based Trafigura Group Pte -- one of the world's biggest commodity trading companies -- and Russian investment fund United Capital Partners split another 49 per cent equity equally.

The remaining 2 per cent is held by minority shareholders after delisting of Essar Oil.

The deal has an enterprise value of close to USD 13 billion, including Essar Oil's debt of USD 4.5 billion and around USD 2 billion debt with the port company and power plant.

About USD 3 billion dues to Iran for past purchases will continue to be on books.

Mergers and acquisitions beyond a certain threshold are required to get the approval from CCI, which keeps a tab on anti-competitive practices across sectors.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Essar Oil's $13 bln deal with Rosneft-led group gets CCI nod

Competition Commission has cleared the USD 13 billion all-deal involving and Russian major Rosneft as well as its partners.

The transaction, announced in October, would see Rosneft and its partners taking over India's second biggest private firm in an all-deal valued at about USD 13 billion.

In a tweet today, Competition Commission of (CCI) said it has approved "of in Limited by Rosneft, Trafigura Group Pte and United Capital Partners".

Under the deal, Rosneft would purchase 49 per cent stake in Essar Oil's refinery port and petrol pumps. Netherlands- based Trafigura Group Pte -- one of the world's biggest commodity trading companies -- and Russian investment fund United Capital Partners split another 49 per cent equity equally.

The remaining 2 per cent is held by minority shareholders after delisting of Essar Oil.

The deal has an enterprise value of close to USD 13 billion, including Essar Oil's debt of USD 4.5 billion and around USD 2 billion debt with the port company and power plant.

About USD 3 billion dues to Iran for past purchases will continue to be on books.

Mergers and acquisitions beyond a certain threshold are required to get the approval from CCI, which keeps a tab on anti-competitive practices across sectors.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard