Ruias plan to sell another 25% stake in Essar Oil

After stitching a deal to sell 49 per cent stake in Essar Oil to Russia’s Rosneft, the Ruia family is looking at selling another 25 per cent stake in the company to an oil trader or a strategic investor like Saudi Aramco.

The sale of 74 per cent stake (49 per cent to Rosneft and 25 per cent some other investor) will help bring down Group debt by half to about Rs 46,000 crore from current Rs 88,000 crore, sources said.

A group of Indian state-owned oil companies including ONGC Videsh Ltd, Oil India Ltd and Indian Oil Corp (IOC) are investing USD 5-6 billion in taking substantial stake in two oilfields operated by Rosneft in Russia.

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