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Russia's VTB says final stage of India's Essar acquisition to start on March 31
March 29, 2017 / 1:40 PM / 8 months ago

Russia's VTB says final stage of India's Essar acquisition to start on March 31

MOSCOW (Reuters) - The completion stage of the deal to acquire Indian oil refiner Essar Oil, led by Russian oil company Rosneft, will start on March 31, Yuri Soloviev, first deputy CEO of Russia’s VTB bank, said on Wednesday.

Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. Picture taken October 4, 2016. REUTERS/Amit Dave/Files

“We hope to finish it this week, it will take 19 days to settle all the payments,” he told reporters, adding that the deal required approval from 18 Indian banks.

Rosneft will acquire a 49 percent stake in Essar and another 49 percent will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners. VTB is involved in the financing of the deal.

Reporting by Kira Zavyalova; writing by Vladimir Soldatkin; Editing by Jack Stubbs

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