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India: Essar Oil’s $13 bn deal with Rosneft-led group gets CCI nod

By  |  December 1, 2016

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 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 — one of the world’s biggest commodity trading companies — and Russian investment fund United Capital Partners split another 49 per cent equity equally.

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