October 15, 2016 / 8:56 AM / 9 months ago

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

1 Min Read

An oil refinery of Essar Oil, which runs India's second biggest private sector refinery, is pictured in Vadinar in Gujarat, India, October 4, 2016.Amit Dave/File Photo

GOA, India (Reuters) - 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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