ROSNEFT WILL BUY INDIA
REUTERS wrote, Russian oil major Rosneft , along with European trader Trafigura and Russian fund UCP, will acquire 98% in India's Essar Oil for about $12 B - $13 B including debt, two sources familiar with the deal told.
Rosneft will get 49% and the two investors -- Trafigura and UCP -- will hold the remaining 49% in equal parts, the sources said, adding that the valuation included about $4.5 B in assumed debt.
Essar Oil operates a 400 Mbpd oil refinery on India's west coast and sells fuels through its 2,470 filling stations in India.
The company is part of a steel-to-ports conglomerate controlled by the billionaire Ruia brothers that has faced pressure from creditors to reduce borrowing that some analysts estimate at more than $14 B.
One source said the deal will be funded by Russia's VTB Capital, part of state-controlled bank VTB.
The Indian firm is expected to announce the deal on Saturday in the coastal resort of Goa during a visit by President Vladimir Putin, who will meet Indian Prime Minister Narendra Modi for a bilateral summit.
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