India, Russia in deal paving way for Rosneft-led group to acquire Essar Oil

Last Updated: Sat, Oct 15, 2016 15:52 hrs
Storage tanks of an oil refinery of Essar Oil are pictured in Vadinar

GOA: India and Russia on Saturday signed a deal to pave the way for a group led by Russian oil major Rosneft to acquire India's Essar Oil.

The group will acquire Essar Oil in a deal worth $12 billion to $13 billion, including debt, two sources privy to the deal told Reuters.

Russian lender VTB will give Essar $3.9 billion in credit for debt reconstruction, VTB Chief Executive Andrei Kostin said on Saturday.

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