Russian oil firm Rosneft will buy 49% stake in Essar Oil, the
firm that owns India's second biggest oil refinery, for an undisclosed
amount, the Ruia-owned firm said on Thursday July 09,2015
Essar said it "signed a non-binding Term Sheet with regard to Rosneft?s participation in the equity capital of Essar Oil Limited with a share of up to 49 per cent."
The proposed transaction is conditional upon various factors such as due diligence, determination of the transaction price, execution of definitive transaction documents and receipt of requisite approvals, it said in a statement.
Essar said it "signed a non-binding Term Sheet with regard to Rosneft?s participation in the equity capital of Essar Oil Limited with a share of up to 49 per cent."
The proposed transaction is conditional upon various factors such as due diligence, determination of the transaction price, execution of definitive transaction documents and receipt of requisite approvals, it said in a statement.
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