M&A

M&A

Swiss co Trafigura sells its 24.5% stake in Russia-backed Nayara Energy for $166-M

Economic Times  

Switzerland-headquartered commodity trader Trafigura had sold its 24.5% stake in Mumbai-headquartered Nayara Energy Ltd, formerly Essar Oil, to Hara Capital Sarl, a wholly-owned subsidiary of Italian energy investment company, Mareterra Group Holding. The deal value is laced at USD 165.9 million. Nayara runs India's second-largest private refinery and more than 6,000 petrol pumps. Rosneft is Nayara's single largest shareholder with a 49.13% stake. Nayara operates the 400,000 barrels per day Vadinar refinery in Gujarat state and is also building a 450,000 tonne-a-year polypropylene plant, marking the first phase of its expansion into petrochemicals.