Two Essar group firms — one in the oil refinery business and the other in steel — have missed the March-end deadline to sell stakes, putting pressure on the promoters as well as lenders to bring the financial metrics of the group back on track in the new financial year. 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. At the same time, bankers said, private equity firm Farallon Capital’s plan to pick a 26% stake in Essar Steel ...
Rosneft 's $ 13-billion acquisition of India 's United Capital Partners 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 Trafigura , while a consortium made up of oil trading firm Trafigura and private investment group United Capital Partners will share 49% . The deal includes the additional $ 2bn acquisition of Vadinar Port .