Oct 17, 2016 07:36 PM IST IST | Source: CNBC-TV18

See more investments into Indian oil & gas space: GE's Agrawala

Russian oil giant Rosneft has cemented the deal to buy 49 percent stake in Essar Oil. European commodities trader Trafigura and Russian fund UCP consortium will also pick-up 49 percent stake in Essar, leaving existing promoters Ruia family with 2 percent stake.

The Essar-Rosneft deal is likely to trigger an increased investment by foreign players into the oil and gas exploration space in India is the word coming in from  Banmali Agrawala, President and CEO – South Asia, GE.

According to him, there will be lots of activity both on the offshore and onshore side as India moves towards becoming self-sufficient in the energy space.

Russian oil giant Rosneft has cemented the deal to buy 49 percent stake in Essar Oil. European commodities trader Trafigura and Russian fund UCP consortium will also pick-up 49 percent stake in Essar, leaving existing promoters Ruia family with 2 percent stake. The deal values Essar Oil at Rs 72,800 crore and the company will get additional Rs 13,300 crore for its Vadinar Port.

With Rosneft coming in the energy space with lot of deep pockets would not be spending money if they did not see opportunity in India and are sure to invest further into it.

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