Nayara Energy

Nayara Energy Ltd
Public limited company[1]
Industry Oil
Headquarters Mumbai, India
Key people
 B. Anand (CEO)[2]
Products Petroleum, fuels and other petrochemicals
Revenue ₹983.53 billion (US$14 billion) (2014)[3]
₹21.55 billion (US$300 million) (2011)
Total assets ₹210.84 billion (US$2.9 billion) (2011)
Owners Rosneft & Trafigura- UCP Investment Group Consortia
Website www.nayaraenergy.com

Nayara Energy, formerly known as Essar Oil, is an India-based company engaged in the exploration and production of oil, refining of crude oil, and marketing of petroleum products.

History

Essar Oil was part of the Essar Group based in Mumbai, before being sold to Rosneft. It operates a major refinery in Vadinar, Gujarat, India, which made it the second largest non-state refinery in India in 2009.[4]

In July 2009, Essar acquired a 50% stake in Kenya Petroleum Refineries Ltd. In July 2012, following the Gujarat High Court's directions, the Gujarat Government seized three bank accounts of the company to recover its tax dues of Rs. 80 billion.[5]

It was a publicly traded company (NSE: ESSAROIL and BSE: 500134) until it was taken private in a leveraged buyout which closed on December 30, 2015.[6] It delisted the company valued at ₹380 billion (US$5.3 billion) by paying ₹37.45 billion (US$520 million).[7][8]

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 $12.9 billion.[9] Other investors include Trafigura and UCP Investment Group.[10] They renamed the company to 'Nayara', coined from "Naya" (New) and "Era", in May 2018.[11][12]

References

  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. ↑ "Nayara Energy Leadership".
  3. ↑ "moneycontrol". moneycontrol. Retrieved 2015-02-05.
  4. ↑ "Essar May Rise After Report That Shell May Acquire 10% Stake". Bloomberg. 23 November 2009.
  5. ↑ "Gujarat govt attaches Essar Oil's bank accounts to recover tax dues". The Times Of India. 9 July 2012.
  6. ↑ "Essar Oil completes largest delisting". Business Standard. Retrieved 31 December 2015.
  7. ↑ "Essar Oil delists in Rs 3,745 cr payout". The Hindu. 31 December 2015. Retrieved 31 December 2015.
  8. ↑ "Essar Oil completes delisting process with Rs 3,745-cr payout". The Indian Express. Retrieved 31 December 2015.
  9. ↑ Rosneft, partners buy Essar Oil for $13 billion in largest FDI deal
  10. ↑ "News Page | Trafigura". www.trafigura.com. Retrieved 2018-08-22.
  11. ↑ https://energy.economictimes.indiatimes.com/news/oil-and-gas/rosneft-owned-essar-oil-to-be-called-nayara-energy/63923526
  12. ↑ www.ETEnergyworld.com. "Rosneft-owned Essar Oil to be called Nayara Energy - ET EnergyWorld". ETEnergyworld.com. Retrieved 2018-08-22.
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