The Ruias owned Essar group is in discussion for multi billion dollar deal with Russia's Rosneft, largest publicly traded oil company in the world. According to market sources, Essar could be selling 49% stake to Rosneft. The Ruias owns 90% in the company and will continue to remain minority shareholders after the deal.
In December 2014 both the companies signed an agreement for the supply of 10 million tonnes of crude oil annually for 10 years to Vadinar refinery.
