Essar may sell another 25% in oil subsidiary

摘要

The Essar Group, which has sold 49% in its oil business to Russia's Rosneft, is now considering the sale of a further 25% to other strategic investors, as per a report in the Hindu BusinessLine. This is part of its bid to pare debt. Among potential buyers are the top ten global oil traders, including the Geneva-based Vitol Group and Mercuria Energy Group. The Essar Group has a net debt of Rs. 88,000-crore and lenders are said to be growing impatient. The stake sale is expected to fetch about $6-7-bn. The deal with Rosneft is expected to be completed by July and the additional stake sale is likely to be done by August or September, the report said.