Russian oil giant Rosneft is the latest company to muscle in on Indian oil.
A consortium, led by Rosneft, is expected to announce a completion of a $12.9 billion deal to acquire Indian private refiner Essar Oil later today.
Rosneft is expected to take a 49% stake in Essar alongside two investors, European trader Trafigura and a Russian fund UCP.
They will hold another 49 percent in equal parts.
The purchase is the biggest foreign acquisition ever in India and Russia’s largest outbound deal.
The three jointly issued an invitation to reporters to a briefing “following the completion of the acquisition of Essar Oil Ltd” on Monday.