Essar Oil

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Essar Oil
Public limited company[1]
Industry Oil and gas
Headquarters Mumbai, India
Key people
Ravi Ruia, Chairman
Lalit K Gupta, MD, CEO
Products Petroleum, fuels, natural gas and other petrochemicals
Revenue 983.53 billion (US$15 billion) (2014)[2]
21.55 billion (US$340 million) (2011)
Total assets 210.84 billion (US$3.3 billion) (2011)
Owner Rosneft
Parent Essar Energy plc[3]

Essar Oil is an India-based company engaged in the exploration and production of oil and natural gas, refining of crude oil, and marketing of petroleum products. It is a part of the Essar Group based in Mumbai. It operates a major refinery in Vadinar, Gujarat, India, which made it the second largest non-state refiner in India in 2009.[4]

In July 2009, Essar acquired a 50% stake in Kenya Petroleum Refineries Ltd.[5] In July 2012, following Gujarat High Court's directions Gujarat Government seized three bank accounts of the company to recover its tax dues of Rs80 billion.[6]

It was a publicly traded company (NSEESSAROIL & BSE500134),until it was taken private in a leveraged buyout which closed on December 30, 2015.[7] It delisted the company valued at 380 billion (US$5.9 billion) by paying 37.45 billion (US$580 million).[8][9]

In October 2016, Russia's state-owned oil company, Rosneft bought a 49% stake in Essar oil, along with Russian investment fund United Capital Partners, in a deal worth $13 billion.[10]


  1. ^ "Essar Oil completes delisting in record Rs 3,745-cr payout". Essar Oil completes delisting in record Rs 3,745-cr payout. Retrieved 31 December 2015. 
  2. ^ "moneycontrol". moneycontrol. Retrieved 2015-02-05. 
  3. ^ "Essar Energy" (PDF). 
  4. ^ "Essar May Rise After Report That Shell May Acquire 10% Stake". Bloomberg. 23 November 2009. 
  5. ^ Sharma, Rakesh (3 November 2009). "Essar Oil CEO: Exclusive Talks With Shell to End Nov. 30". The Wall Street Journal. 
  6. ^ "Gujarat govt attaches Essar Oil's bank accounts to recover tax dues". The Times Of India. 9 July 2012. 
  7. ^ "Essar Oil completes largest delisting". Business Standard. Retrieved 31 December 2015. 
  8. ^ "Essar Oil delists in Rs 3,745 cr payout". The Hindu. 31 December 2015. Retrieved 31 December 2015. 
  9. ^ "Essar Oil completes delisting process with Rs 3,745-cr payout". The Indian Express. Retrieved 31 December 2015. 
  10. ^ Rosneft, partners buy Essar Oil for $13 billion in largest FDI deal