Russia's VTB says final stage of India's Essar acquisition to start on March 31 | Reuters

MOSCOW The completion stage of the deal to acquire Indian oil refiner Essar Oil, led by Russian oil company Rosneft, will start on March 31, Yuri Soloviev, first deputy CEO of Russia's VTB bank, said on Wednesday.

"We hope to finish it this week, it will take 19 days to settle all the payments," he told reporters, adding that the deal required approval from 18 Indian banks.

Rosneft will acquire a 49 percent stake in Essar and another 49 percent will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners. VTB is involved in the financing of the deal. (Reporting by Kira Zavyalova; writing by Vladimir Soldatkin; Editing by Jack Stubbs)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to and hit the Subscribe button.

Updated Date: Mar 29, 2017 22:15:06 IST

Also See