Russia's OAO Rosneft is believed to be negotiating for a 49 percent stake in India's privately owned oil and gas company Essar Oil Ltd., giving the firm a foothold in the South Asian country, according to a report by Indian daily The Economic Times Tuesday.
The cost of acquiring the interest in Essar Oil is likely to cost Rosneft, the world's largest publicly traded firm, around $7 billion to $8 billion (INR 420 billion to INR 480 billion).
There was no comment on the proposed acquisition by Rosneft when it was contacted by The Economic Times although Essar responded by stating that "it is not our policy to comment on market speculations."
A source told the Indian daily that Rosneft may be keen to purchase a stake in Essar's flagship Vadinar Refinery -- India's second largest refinery -- with the Russian company paying for the acquisition through a combination of cash and crude supply.
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