Ukraine war, economic uncertainty delays Nayara Energy stake sale plan

The economic uncertainty caused by the near three-month old war in Ukraine has pushed the plans by Italy’s Genera group to purchase Amsterdam-based Trafigura’s 24.5 per cent stake in Nayara Energy. 

In November last year, Genera sought permission from the Competition Commission of India to acquire Trafigura’s stake for an undisclosed amount. But the subsequent war in Ukraine has changed Genera group’s plans, said a banker close to the development.

“With the war, the chances of a Western company buying a stake in Nayara looks difficult. They may have to look for Indian equity partners,” said a banker. 

Russia’s Rosneft Oil Company, which