Decks cleared: Essar, Rosneft complete $12.9-billion deal

Deal, expected to close by March, dragged on due to US sanctions on Russia, besides lender approval

Decks have been cleared for the biggest foreign acquisition ever in India. The completion of the $12.9-billion Essar Oil buyout by Russian government-owned Rosneft and other partners is expected to be announced on Monday. The deal, signed in October 2016, went through a lot of hiccups, with the lenders to the Ruia-controlled Essar group insisting on certain conditions. 

Among the last to approve the deal was Life Insurance Corporation (LIC) of India. The Mumbai-based Essar group owed over Rs 2,300 crore to LIC, part of which has been repaid. Around Rs 1,200 crore is said to be pending.

The Essar