 "Essar")
Decks have been cleared for the biggest foreign acquisition ever in India. The completion of the $12.9-billion Essar Oil buyout by Russian government-owned Rosneft and other partners is expected to be announced on Monday. The deal, signed in October 2016, went through a lot of hiccups, with the lenders to the Ruia-controlled Essar group insisting on certain conditions.
Among the last to approve the deal was Life Insurance Corporation (LIC) of India. The Mumbai-based Essar group owed over Rs 2,300 crore to LIC, part of which has been repaid. Around Rs 1,200 crore is said to be pending.
The Essar
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