17 Oct 2016
The $12.9 billion sale of India’s Essar Oil to a group led by Russia’s Rosneft does not run foul of U.S. sanctions imposed against the majority state-owned Russian energy firm, parent Essar Group’s CEO said on Sunday.
The sale, which was signed on Saturday. It is the biggest foreign acquisition ever in India and Russia’s largest outbound deal.
The deal that will give Rosneft, commodities trading house Trafigura and private investment group United Capital Partners a 98 percent stake in Essar’s oil arm is “US-sanctions compliant,” said Essar Group’s chief executive, Prashant Ruia.
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