Friday, Jun 05, 2020 | Last Update : 01:12 PM IST

73rd Day Of Lockdown

Maharashtra77793336812710 Tamil Nadu2725614901223 Delhi250049898659 Gujarat18609126671155 Rajasthan98627104213 Uttar Pradesh92375439245 Madhya Pradesh87622772377 West Bengal68762768355 Bihar4452212028 Karnataka4320161057 Andhra Pradesh4112252971 Haryana3281112324 Telangana31471587105 Jammu and Kashmir3142104835 Odisha247814819 Punjab2415204347 Assam19894434 Kerala158969015 Uttarakhand115328610 Jharkhand7642975 Chhatisgarh6781892 Tripura6221730 Himachal Pradesh3691636 Chandigarh3022225 Goa126570 Manipur124110 Puducherry90330 Nagaland8000 Arunachal Pradesh3710 Meghalaya33131 Mizoram1710 Sikkim200

IB, Home Ministry red flag Essar-Rosneft deal

Published : Jun 24, 2017, 9:32 am IST
Updated : Jun 24, 2017, 9:32 am IST

Security agencies raise objections over inclusion of Vadinar port in sellout agreement.

Representational image.
 Representational image.

Mumbai: India's Essar Oil and Russia's Rosneft on Friday revealed that Rs 80,000 crore buyout was complete now. Under the purchase deal, Roseft will get Essar oil refinery in Gujarat which is second largest facility in India.

A report on ET Now says that due to some security fears the deal has hit a hurdle of India's security agencies. Home Ministry and Intelligence Bureau have raised certain objections over inclusion of Vadinar port being part of the sellout.

The $13 billion or Rs 80,000 crore deal has been touted as largest foreign direct investment or FDI into India. The deal was signed by Prime Minister Narendra Modi and Russian President Vladimir Putin during latter's visit to Goa for BRICS summit last year.

Agencies raise these concerns as Vadinar port lies in close proximity to Pakistan. Apart from that some three or four defence installations are there in the vicinity of Vadinar port.

"All requisite approvals from the Govt of India for the Essar Oil transaction to proceed are available.Your query pertaining to seeking ministry of home approval for the port has nothing to do with the present Essar-Roseneft-Trafigura-UCP deal.Hope this clarifies the matter adequately," an Essar spokesperson told ET Now.

Besides Rosneft, Russian bank UCP and a Swiss commodity trading firm Trafigura are paying $13 billion to buy a 98 per cent stake in Essar Oil. The deal also includes India's second largest refinery at Vadinar and nearly 3,000 fuel retail outlets, the report added.

Tags: essar oil, rosneft, essar risneft deal, vadinar port, ib, home ministry
Location: India, Maharashtra, Mumbai (Bombay)