After stitching a deal to sell 49 per cent stake in Essar Oil to Russia´s Rosneft, the Ruia family is looking at selling another 25 per cent stake in the company to an oil trader or a strategic investor like Saudi Aramco.
The sale of 74 per cent stake (49 per cent to Rosneft and 25 per cent to some other investor) will help bring down the group´s debt by half to about Rs.46,000 crore from the current Rs.88,000 crore, sources said.
The promoters see an enterprise value of Essar Oil of $10 billion.
A preliminary deal for sale of 49 per cent in Essar Oil to Rosneft was signed between the companies in July 2015.
In March 2016, both the organisations signed a non-binding agreement.