An investment consortium comprising trafigura and ucp has also announced the closure. The regulator also allowed the bse to accept a bid by life insurance corporation of india lic for 20 million shares of the promoters buyout offer. Big bounty awaiting essar oils erstwhile public shareholders. Shareholders tendered their shares between december 15 and december 21 through the reverse bookbuilding window made available to. Established in 1998 essar energy plc is an indiabased energy company with headquarters in port louis, mauritius. Essar oil has 1,300 retail stations with plans to add another 150 outlets by the end of 2010. Essar oil completes largest delisting business standard news. Essar oil in talks with aramco, vitol times of india.
The refinery, the second biggest unit in the country, has a complexity of 11. Essar oil shares to stop trading on exchanges from february 10. It is classified as nongovt company and is registered at registrar of companies, ahmedabad. The fluid catalytic cracker and a diesel hydro desulphuriser were commissioned in november 2006. Essar energy plc, subsidiary of ultimate holding company essar global ltd. Explore essar oil limited profile at times of india for photos, videos and latest news of essar oil limited.
Essar oil and gas exploration and production limited is a public incorporated on 10 may 2016. The company is engaged in the exploration and production of. The new owners, which include trafigura, a global commodity trading and logistics giant. Board of essar oil approves delisting from bse, nse.
It is a core objective to promote employee health and wellbeing, take conscious steps to continually reduce our risk profile, comply with all applicable legal and regulatory requirements, improve our environmental performance and be a good neighbour to. Essar oilfields awarded drilling contract by gail essar. Shares of essar oil today soared by five per cent to hit the maximum permissible limit of the day, after the company announced floor price for a proposed offer to delist it from the stock. Essar oil had earlier this year signed a nonbinding term sheet for sale of up to 49 per cent stake in the company to russian oil firm rosneft for an undisclosed amount. Essar oil gets stock exchanges go ahead for delisting. The board of essar oil on sunday agreed to its promoters proposal to delist the company from indian bourses. Rosneft, partners to announce acquisition of indias essar oil completed the consortium has picked up a former trading veteran from its shareholder bp to run indian operations. Current status of essar oil vadinar limited is amalgamated. We have about 68 million barrels of global cruderefining capacity in the uk, where we operate a network of over 40 retail outlets across the. Rosneft, the russian oil major, who recently took over essar oil, are planning in a bigway to tap retail fuel market in india, he told reporters after inaugurating city gas distribution cgd. India essar oil says refinery reaches full capacity reuters.
The stories behind blackstones stephen schwarzmans new book, what it. Also get essar oil sharestock detailed information on essar oil along with top stories and articles on essar oil during last 6 months. Essar oil completes biggest delisting in indias corporate. However, the public shareholders have the benefit of both the reverse book building process available to them under the delisting regulations.
Indias refiner essar oilin which russian statecontrolled oil firm. Rosneft to double essar refining capacity the hindu. Rosneft, along with the consortium of trafigura and ucp, the new promoters of essar oil, plans to double the refining capacity of essar oil to 40 million tonnes per annum mtpa in phases and. In july, shashi and ravi ruia agreed to sell 49% stake in essar oil to. Essar oil uk limited essar oil uk owns and operates the stanlow manufacturing complex, located on the south side of the mersey estuary near liverpool. The units commissioned in the first phase were the cdu, vdu, sulphur gas unit, naphtha hydrotreater, catalytic cracker and visbreaker. All you wanted to know about reverse book building the. Eol promoters on wednesday announced the successful completion of the companys delisting offer, which has emerged as the largest privatisation bid in.
Essar oil vadinar limited is a public incorporated on 27 october 2006. Read more about essar oil delisting, once stuck, now through on business standard. Essar oil refinery, vadinar, gujarat hydrocarbons technology. The shareholders tendered their shares through the reverse book building window made available to them under the delisting regulations. They stand to earn up to 35% more than the delisting price paid in 2015. Essar oil on wednesday announced completion of the companys delisting from local stock exchanges after a payout of rs 3,745 crore to shareholders, the largest in indias corporate history. Sales tax incentive the honble supreme court of india, on january 17, 2012, allowed an appeal filed by. The controlling shareholders of essar oil limited eol essar energy holdings limited and oil bidco mauritius limited, both companies incorporated and managed under the laws of mauritiusare pleased to announce the successful conclusion of the sale of 98. Nothing is more important to us than the safety of our people, processes and the environment in which we operate.
The shareholders tendered their shares between december 15 and 21 through the reverse book building window made available to them. Essar energy holdings and oil bidco mauritius, erstwhile promoters of essar oil, disbursed a total of rs 891 crore to erstwhile public shareholders of essar oil on december 11, essar energy said. The new owners of essar oil will continue to use the essar brand name at its 3,500 fuel retail outlets, which involves a royalty payment to the ruiapromoted essar group. Sebi asks essar oil to match rosnefts price for delisting the. The company has diversified itself by entering exploration, production, refinery, and retail business in the power sector.
Essar oil seeks extension to pay minority shareholders livemint. The company has already informed stock exchanges about. Essar oil vadinar limited company, directors and contact. Essar oil ltds 210,000 barrels a day refinery in western india is running at full capacity ahead of planned schedule of endmarch, its managing director said on monday. The promoters will now have to make announcement and reverse book building start, he told pti from mumbai. Essar oil completes largest delisting in indias corporate. Essar oil was delisted from the bourses in 2015 while it was in talks with rosneft for a stake sale. To the members of essar oil limited the board of directors had adopted its report on the financial statements for financial year ended march 31, 2011 on july 11, 2011. The entire process to delist shares may take up to 2 months, he said.
The refinery project was delayed several times due to environmental concerns and financial problems, including initial cost overruns and a shortfall in equity contributions. Read more about essar oil gets stock exchanges go ahead for delisting on business standard. The stock of oil processing company essar oil has gained over 30 per cent in the last three weeks. Essar oil inked a preliminary deal for selling 49% to rosneft in july 2015 and followed it up with a nonbinding agreement in march. Essar oil delisting, once stuck, now through business.
Essar energy and oil bidco successfully conclude sale of. Essar oil owns and operates two worldclass refineries in india and the uk and owns a 50per cent stake in a refinery in kenya. All you wanted to know about reverse book building the hindu. Essar oilfields services india limited, today announced that it has been awarded a rs 28crore contract by gas authority of india limited gail to drill three firm plus two optional wells in gujarats cambay basin. Weve had constructive talks in the course of the visit. Essar oil public shareholders to receive an additional rs 880 crore. In november 2006 essar oil started operations in its vadinar grassroots refinery and trial production with a capacity of 7. Essar oil gets bse nod for delisting, to start reverse book building process 2 min read. It is a fully integrated oil company of international scale with strong presence across the hydrocarbon value chain from refining to oil retail. Essar oil ltds minority shareholders, who had tendered their shares in the companys delisting offer in 2015, will earn about rs107. The sale of essar oil brings good news for its erstwhile public shareholders.
Part of the flexible systems management book series flexsys abstract. Drilling for the project is expected to commence in aprilmay 2018. Essar oil limited eol is an indiabased company engaged in the exploration and production of oil and gas, refining of crude oil, and marketing of petroleum products. Essar group pays more to former shareholders of essar oil. Stanlow plays a key part in the national economy, producing over 16% of the uks transport fuels. The essar oil ltd grass roots refinery in gujarat, india started in 1996 was completed and commissioned in 2006 commissioned in third quarter. Delisting the company would give promoter ruia borthers shashikant and ravikant, greater. Rosneft successfully closes strategic deal for the. Essar oil operates a 20 million tons oil refinery at vadinar in gujarat. All you wanted to know about reverse book building.
Essar oil on friday reported a 14 per cent drop in net profit at rs 201 crore for the fiscal second quarter that ended on september 30, 2015 as its vadinar refinery in gujarat processed lesser. Essar has a global portfolio of onshore and offshore oil and gas blocks, with about 35,000 sq km available for exploration. Prashant ruia, director, essar capital addresses journalists on this major milestone. Essar oil completes largest delisting in indias corporate history. Essar oil gets bse nod for delisting, to start reverse.
According to company reports, the refinery was 60%. Essar oil, part of the ruia familyowned essar group, whose interests include steel, power, shipping and telecoms, is aiming to have capacity of 1 million barrels per day, with twothirds of that. The controlling shareholders of essar oil limited eolessar energy holdings limited and oil bidco mauritius limited, both companies incorporated and managed under the laws of mauritiusare pleased to announce the. Get latest essar oil newsupdates and resultsanalysis. Rosneft successfully closed strategic transaction for the acquisition of 49. Essar oil had earlier this year signed a nonbinding term sheet for sale of up to 49 percent stake in the company to russian oil firm rosneft for an undisclosed amount. Essar oils erstwhile public shareholders may earn up to 35% more than the delisting price paid in 2015. Essar oil is a subsidiary of essar energy, the londonlisted oil and gas and power company, which currently has 741,000 barrels per day of refining capacity, mainly at its large refineries at vadinar, india and stanlow, uk. Essar oil vadinar limiteds corporate identification number is cin u23209gj2006plc049286 and its registration number is 49286. Essar oil promoters complete largest privatisation in.