On Friday, the Essar group said its $13-billion stake sale deal in profit-making Essar Oil to Russian oil major Rosneft would take more time and go beyond the March 31 deadline set earlier. Rosneft's $10.9bn acquisition of India's Essar Oil may be delayed beyond its 31 March deadline and complete in "the upcoming few weeks", as requisite approvals are sought. The deal is the largest foreign direct investment in India to date, and will give Rosneft a 49% stake in Essar, while a consortium made up of oil trading firm Trafigura and private investment group United Capital Partners will share 49%. A source close to the matter told Reuters that the Russian government had not yet approved the deal, but was expected to.
Rosneft's $10.9bn acquisition of India's Essar Oil may be delayed beyond its 31 March deadline and complete in "the upcoming few weeks", as requisite approvals are sought. The deal is the largest foreign direct investment in India to date, and will give Rosneft a 49% stake in Essar, while a consortium made up of oil trading firm Trafigura and private investment group United Capital Partners will share 49%. A source close to the matter told Reuters that the Russian government had not yet approved the deal, but was expected to.