Essar not exiting oil and gas business: Ruia
After striking the deal to sell its oil refinery, Essar Group will not exit the oil and gas business, and the sale will help reduce half of its ₹88,000 crore debt, Director Prashant Ruia said. “This is the largest deleveraging exercise in corporate India,” he added. Notably, Essar Oil sold 98% stake to Russia's Rosneft-led consortium for nearly ₹86,000 crore.