Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
Essar Oil has cut petrol and diesel prices by an average of Rs 1.50 a litre to bring them at par with that of public sector firms.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India's second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
Analysts say the Essar Group has been following a policy of delisting just when its businesses begin to record substantial upside, denying shareholders their share of decent returns.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
The derivative contracts in the underlying Essar Oil, IFCI, Rajesh Exports, Adlabs Film, Arvind Mills, Nagarjuna Fertilisers and Bongaigoan Refinery are currently in the ban period, a NSE circular said on Wednesday.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
The transaction will lead to an open offer for minority holders.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space.
The company is in the process of doubling its production to 800 oil barrels a day from the current 400 barrels a day, from a part of the field called prospect-B.
Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 80.
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
The Ruias-managed Essar Oil is fast catching up with Reliance Industries in the number of petrol pumps set up by private sector retailers.
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The Supreme Court had on January 17 set aside a ruling of the Gujarat high court that allowed Essar Oil the tax benefit.
Reliance Industries and Essar Oil are keen on buying crude oil from Cairn India's Rajasthan fields even as the petroleum ministry struggles to find takers of the nation's most prolific oil discovery among public sector firms.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
Essar Oil Ltd, India's second largest fuel retailer, has reopened about 350 petrol pumps it was forced to shut down due to heavy losses on matching petrol and diesel prices with hugely-subsidised public sector rates.
Essar has announced a $6bn expansion plan to more than triple capacity at its refinery, while Reliance, at its site a few kilometres away, is working on plans to almost double capacity.
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Their first target would be bulk buyers.
Ruias to sell Essar Steel stake to strategic partners.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
In a temporary reprieve, India will pay for Iranian crude oil in euros through a German bank based in Hamburg, while a permanent solution to the payment issue will be explored at a meeting in Teheran next week.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
India's imports from Iran rose to 250,200 barrels per day
Lower bank rates the main draw; $6 bn to be raised in next few months.
"We will be guided by our national interest," he said.
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