The deal could be in several phases and will require restructuring of Essar Group’s energy business. First step is already underway with both U.K- listed Essar Energy and India-based Essar Oil heading for a de-listing. Essar Energy is expected to sell its Stanlow Refinery to Essar Oil for $1 bn, post the de-listing process is complete.
The restructured Essar Oil with Stanlow Refinery unit under it is expected to sell 49% stake in the company to the interested buyer. Company is expecting an Enterprise Value of $7.5 bn. “Valuations will depend on the negotiations with the buyers” an industry expert said.
When ET Now contacted Essar Group for comments, the spokesperson of the company in an e-mail response said, “We categorically deny this information which is far from truth.
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