Statement from Mr Prashant Ruia, Director, Essar:
Rosneft today confirmed its intention to acquire 49% equity interest in Essar Oil Limited. Rosneft has completed satisfactory due diligence of Essar Oil Limited.
The parties intend to close the transaction by June 2016 following the execution of mutually agreed binding documents and after receipt of necessary approvals
For further information, please refer to the Rosneft release