Moneycontrol
Oct 17, 2016 08:20 AM IST IST | Source: Moneycontrol.com

Will use Rosneft proceeds to reduce debt by Rs 75K cr: Essar

In an interview with Business Standard Prashant Ruia, Director, Essar Group said that the proceeds from this deal will be used to reduce its debt by Rs 75,000 crore.

In what's being called as the biggest foreign direct investment (FDI) into India, Essar Group finally signed an agreement on Saturday to sell its Gujarat-based refining company along with its Vadinar Port to Russia's Rosneft and a consortium led by Trafigura and United Capital Partners (UCP).

The Russian investors will acquire 98 percent in Essar Oil and have paid Rs 72,800 crore for the company's refining and retail assets, and Rs 13,300 crore for the Vadinar Port.

In an interview with Business Standard Prashant Ruia, Director, Essar Group said that the proceeds from this deal will be used to reduce its debt by Rs 75,000 crore.

On the group's future prospects in India he said that there are no more intentions to sell any more assets in the country and the 'new Essar' will continue to look for more opportunities in India.

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