Essar Oil to become Nayara Energy post takeover by Rosneft, Trafigura

Move is in sync with plan to create new brand and identity; Company says new name signifies a new era for the Indian business with global outlook

Essar Oil Limited (EOL) is seeking approval to change its corporate identity to Nayara Energy Limited. The new corporate identity for EOL is in line with the Company’s strategy to create a new brand and identity, reflecting the new ownership and its ethos, the company said in a statement on Thursday.

"It will enable positioning the Company to compete and succeed in the new era and meet customer needs in the fastest growing energy market in the world." The majority stake in EOL was acquired by Rosneft and a consortium led by Trafigura and UCP in August 2017.

The company said the