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Essar Oil Ltd today gained as much as 10 per cent to a near five-year high on reports of refinery stake sale.
According to media reports, promoters are in talks to sell 50 per cent stake in the company’s Vadinar refinery in western India.
Essar Oil is in talks with Rosneft for stake sale in Vadinar refinery, and the valuation may be pegged at $5 billion to $6 billion, according to Bloomberg TV India.
Rosneft, Russia’s top oil producer, had in December signed crude and oil products supply agreements with Essar Oil.
Essar Oil has declined to comment on reports.
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