Expect Rosneft deal to close by March 2017: Essar's Ruia

Prashant Ruia, CEO, Essar Group speaking from the sidelines of the World Economic Conference at Davos told CNBC-TV18 the Rosneft deal will be closed by March 2017 and banks will receive their dues around the same period as the deal closure.

In the last few years Indian industries invested heavily in capacity expansions but demand did not match supply and so the capacity was not fully absorbed. However, now with the likelihood of demand picking up in 2017, the investment cycle too will return soon, said Ruia.

He is also confident of steel sector seeing higher demand this year with an expected growth of higher than 6 percent.

Power was a sector that did not give good returns over the last few years, he said. However, with schemes like UDAY and other government initiatives things are looking good.