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New Delhi: Russian veteran PJSC Rosneft Oil Company Naira is having initial talks with Reliance Industries to sell its 49.13 percent stake in Energy. Sources gave this information. Naira Energy runs an oil refinery with an annual capacity of an annual capacity in India and 6,750 petrol pumps. Reliance has held initial talks for the acquisition of Naira, which will help her to become India’s number one oil refinery by beating the public sector Indian Oil Corporation (IOC).

Along with this, it will also give him in a meaningful presence in the field of fuel market. However, three sources with direct knowledge of the case said that the conversation is still in the initial stage and there is no guarantee that it will reach a certain deal, as the valuation still remains a complicated basis.

Top officials have visited India thrice

In the last one year, Rosneft officials have visited India at least three times including Ahmedabad and Mumbai to interact with potential investors. Western sanctions may be a potential buyer for Rosneft considering exiting Naira, who can make quick foreign payments for both stakes abroad or which is an international company abroad. Western sanctions limit its ability to bring back the entire earnings from India’s operations. Sources said that Reliance has a good income from abroad due to being a big exporter of fuel. However, the email sent to Rosneft for the response was not replied.

What did Reliance spokesperson say?

Reliance spokesperson said that according to the policy, we do not comment on media speculation and rumors. Our company constantly evaluates various opportunities on the basis. We have made and will continue to make necessary revelations in compliance with our obligations under our agreements 2015 and the stock markets. Rosneft acquired Essar Oil in a $ 12.9 billion deal in 2017. Rosneft is unable to get full financial benefits from its Indian operations due to international sanctions, including returning income. The name of Essar Oil was later changed to Naira Energy.

Search for buyer since 2024

The Russian veteran once decided to get out of Naira in 2024 and started searching for potential buyers. Along with Rosneft, a prominent Russian financial firm UCP Investment Group is also selling its 24.5 percent stake in Naira. He said that the rest of Naira’s ownership included Trafigura Group (24.5 percent) and a group of retail shareholders. If the deal takes place, the traffic can also exit the enterprise within a few months on the same conditions.

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Adani refuses to buy

Rosneft and UCP’s stake was introduced to Reliance Industries, Adani Group, Saudi Aramco and other government -owned ONGC/IOC alliance. But the $ 20 billion evaluated by Rosneft for Naira was considered by almost every possible investor. The Adani Group politely rejected the proposal to invest in the oil refinery, which is considered a sinking business in view of employed energy changes worldwide.