Mukesh Ambani makes BIG plan with Russia! will stun US and China, will buy stake in…, Gautam Adani declines offer due to…
Mukesh Ambani and Gautam Adani (File)
Mukesh Ambani is preparing for a major deal that can surprise not just India but also major countries like the US and China. According to a report by the Economic Times , the discussions are still in the early stages.
Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, reported PTI. Why Is Russian Company Selling Stake To Reliance?
Rosneft is selling this stake because sanctions imposed by Western countries have made it difficult for them to withdraw money from India.
On the other hand, Ambani wants to capitalize on this opportunity to further strengthen India's position in the oil sector. This deal has the potential to transform the global oil game, which is why countries like the US and China are closely monitoring it. Reliance In Talks With Russia's Rosneft
Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space.
But the talks are at preliminary stage and there is no guarantee that they may lead to a definite deal as valuation remains a sticky ground, three sources with direct knowledge of the matter said.
Top Rosneft officials have visited India at least thrice in the last one year, including visits to Ahmedabad and Mumbai, for talks with potential investors.
For Rosneft, which is looking to exit from Nayara due to western sanctions limiting its ability to repatriate full earnings from India operations, a potential buyer could be one who has substantial earnings overseas or is an international company – both of which could make quick overseas payouts for the stake. Why Gautam Adani Declined Offer?
The stake of Rosneft and UCP was offered to Reliance Industries, Adani Group, Saudi Aramco and state-owned ONGC/IOC combine among others.
But the USD 20-billion valuation that Rosneft had put for Nayara was considered too steep a price by almost every potential investor.
Adani Group politely declined the offer to invest in an oil refinery, which is considered a sunset business given the energy transition planned worldwide.
Besides the asking price being too high, the conglomerate's understanding with French energy giant TotalEnergies, with whom it has stitched multi-billion dollar partnership in city gas and renewable energy space, also came in the way of investing in Nayara, the sources said, adding Adani had in its deal with TotalEnergies agreed to limit future investments in fossil fuel space to only natural gas.
(With Inputs From PTI)
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