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VTB to open $3.9 billion credit line for Essar Oil - CEO | Reuters

 VTB to open .9 billion credit line for Essar Oil - CEO
| Reuters

GOA, India Russian lender VTB will give India's Essar Oil $3.9 billion in credit for debt reconstruction, VTB Chief Executive Andrei Kostin said on Saturday. A group led by Russian oil major Rosneft will acquire India's Essar Oil in a $12 to $13 billion deal including debt, two sources privy to the deal told Reuters.Essar is expected to announce the deal on Saturday in the coastal resort of Goa during a visit by Russian President Vladimir Putin, who will meet Indian Prime Minister Narendra Modi for a bilateral summit.

"This (deal) is the biggest investment in the history of India," Kostin said.

(Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Andrew Heavens)

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Updated Date: Oct 15, 2016 08:56:23 IST

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