Russia's Rosneft, partners to invest nearly $13 billion in India's Essar Oil:CEO

A group led by Russian oil major Rosneft will invest around $12.9 billion (nearly Rs 85,820.5 crore) in India's Essar Oil, Chief Executive Igor Sechin told reporters on Saturday.

Sechin said a refinery and port owned by the Indian firm were worth around $10 billion (nearly Rs 66,527.5 crore) and $2.9 billion (nearly Rs 19,292.97 crore), respectively.

India and Russia signed a deal on Saturday to pave the way for a group led by Rosneft to acquire Essar.

Officials from Russian lender VTB, which is giving Essar $3.9 billion (nearly Rs 25,945.72 crore) in credit for debt reconstruction, said Rosneft would pay around $3.5 billion (nearly Rs 23,284.63 crore) for its stake in Essar, the same amount as European trader Trafigura and Russian fund UCP.