Moneycontrol
Last Updated : Aug 08, 2016 09:41 PM IST | Source: Moneycontrol.com

Deal with Rosneft should be sealed over next 2 months: Essar Oil

Speaking to CNBC-TV18's Yash Jain at their Vadinar facility, Lalit Kumar Gupta says the deal with the Russian energy giant should be sealed over the next 2 months. The promoters are already in talks with other interested parties to sell an extra 25 percent.

The Ruias are willing to become a minority shareholder in Essar Oil: that's the word coming in from the MD and CEO of debt-trapped refining giant, who's already in talks with Rosneft to sell 49 percent in the company.

Speaking to CNBC-TV18's Yash Jain at their Vadinar facility, Lalit Kumar Gupta says the deal with the Russian energy giant should be sealed over the next 2 months. The promoters are already in talks with other interested parties to sell an additional 25 percent.

Below is the verbatim transcript of Lalit Kumar’s interview to Yash Jain on CNBC-TV18.

A: I think our promoters are at a very fairly advanced stage of this discussion. We also expect that this should go through now fairly quickly.

Q: Do you expect it to go through before in the next couple of months maybe?

A: I would think that it should happen in the next couple of months. These are large transactions, when the parties have to enter into an agreement and there are negotiations, each party wants to; definitely want the best so there are negotiations. These are large transactions by any standard.

Q: Essar is also looking at selling further stake to companies like Glencore or Trafigura can we expect an announcement on these deals any time soon?

A: I have also heard that our promoters are also looking to disinvest higher than 49 percent but as of now there is nothing which I have to share with you.

First Published on Aug 8, 2016 08:33 pm
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