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VTB to open $3.9 billion credit line for Essar Oil - CEO
October 15, 2016 / 8:56 AM / a year ago

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

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.

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. REUTERS/Amit Dave/File Photo

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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