India's Essar Oil rebranded as Nayara Energy Ltd. (2024)

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- Rosneft holds 49.13 percent share in the Indian company

home > Energy Projects, Eurasia, Asia, General 07.06.2018 09:50 Murat Temizer

India's Essar Oil rebranded as Nayara Energy Ltd. (1)

Indian Essar Oil Limited, which engages in the refining of crude oil and marketing of petroleum products in India and internationally, was rebranded as Nayara Energy Limited, Rosneft PJSC, the majority 49.13 percent shareholder announced Thursday.

The Russian company said that the decision was finalized during the extraordinary general meeting of its shareholders on Weds, June 6.

Last August, the company announced that Essar Oil's development strategy would include a new brand and corporate identity positioning.

The term Nayara is coined from Hindi “Naya” (new) and “Era” and strongly signifies the shareholders’ vision of bringing the asset to a new era of development.

The Essar retail network, amounting to 4,500 fuel stations in India, will keep its name after the rebranding of the parent entity.

Short-term plans include the possibility of expanding the fuel stations network even further.

By Murat Temizer

Anadolu Agency

energy@aa.com.tr

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India's Essar Oil rebranded as Nayara Energy Ltd. (2024)

FAQs

Why did Essar rename Nayara? ›

"Essar Oil Ltd (EOL) is seeking approval to change its corporate identity to Nayara Energy Ltd. The new corporate identity for EOL is in line with the company's strategy to create a new brand and identity, reflecting the new ownership and its ethos," the company said in a statement.

Is Essar Oil now Nayara? ›

In 2016 Essar Oil was acquired by Rosneft, the world's largest public oil and gas company by liquid hydrocarbon production and reserves and an investment consortium led by global commodity trading firm Trafigura & UCP Investment Group. Essar Oil has since been renamed as Nayara Energy.

Which company owns Nayara? ›

Nayara Energy
Nayara Energy Refinery at Vadinar, Gujarat
Total assets₹84,841.40 crore (US$11 billion) (2023)
Total equity₹30,533.10 crore (US$3.8 billion) (2023)
OwnersRosneft (49.13%) Kesani Enterprises Co Ltd and United Capital Partners (49.13%)
Websitewww.nayaraenergy.com
10 more rows

Is Nayara owned by Adani? ›

Nayara was bought by a Rosneft-led consortium in 2016, two years after Russia and Rosneft had first faced west-imposed sanctions for the annexation of Crimea, for $12.9 billion.

Who owns Nayara oil? ›

Rosneft owns about 49% of Nayara, while Kesani Enterprises Co Ltd, a consortium led by Trafigura Group and Russia's UCP Investment Group, holds 49.13%.

Who bought Essar in India? ›

After insolvency, Essar Steel India Limited was acquired by ArcelorMittal Nippon Steel India Limited.

Why Essar oil failed? ›

However, like most conglomerates, most of this growth was driven by borrowings. And when economic and commodity cycles turned unfavourable, the group found itself deep under debt. Essar Steel and Essar Oil, in particular, were hurt most, and it was their sale that helped Essar bring its debt under control.

What happened to Essar Oil? ›

In 2016, Rosneft, the world's largest public oil and gas company, acquired Essar Oil. After that, Nayara Energy was delisted from the stock exchange at the final price of Rs 262.80. This company decision hugely impacted the investors with Nayara Energy Limited (Essar Oil) shares.

Which country made Essar oil? ›

Essar Energy plc is Mauritius-based Indian energy company with assets in the power and oil and gas businesses. Headquartered in Port Louis, Mauritius and subsidiary of Essar Group, the firm has interests in both the power generation and petroleum industries.

Is Nayara a Russian company? ›

India's Nayara Energy, part-owned by Russian oil major Rosneft MM, posted a record quarterly profit in April-June, as its margins improved due to higher intake of discounted Russian oil and fuel exports.

Who owns Essar Petroleum? ›

At present, Essar petroleum popularly known as (Essar oil limited) is owned by the Russian energy giant Rosneft. Essar Oil Limited was incorporated in India back in the year 1989 by Mr. Sashi Ruia.

Who owns Nayara Energy Russia? ›

Rosneft owns a 49.13% stake in Nayara. A similar-sized holding was split between Trafigura and Cyprus-based Russian investment group United Capital Partners (UCP).

How big is Nayara refinery? ›

Operating India's 2nd largest single-site, ultra-modern and complex refinery with a capacity of 20MMTPA at Vadinar, which constitutes around 8% of India's total refinery capacity, delivering from crude to chemicals; Nayara Energy has an enviable industry-leading range of products designed to fuel your business growth.

Who is the chairman of Nayara? ›

Prasad K Panicker - Chairman - Nayara Energy | LinkedIn.

Which petroleum company is best in India? ›

Indian Oil Corporation Limited (IOCL) is the leading petrol company in India and holds a dominant market share. IOCL operates a vast network of refineries, pipelines, and retail outlets across the country.

What was Nayara formerly known as? ›

Nayara Energy (formerly known as Essar Oil Limited), is a downstream petroleum refinery of an international scale with a unique mix of young and experienced minds along with a robust foundation of best-in-class infrastructure and processes with a desire to deliver excellence at every step.

What is the full name of Nayara company? ›

Nayara Energy Ltd (Nayara Energy) is a downstream company that carries out the refining and marketing of oil-refined products. The company operates a refinery at Vadinar in Gujarat, which is capable of processing crude from sweet to sour and light to heavy into Euro-grade petroleum products.

Who bought Essar refinery? ›

In 2016, Essar signed a definitive agreement to monetise 98% stake in Essar Oil Ltd by selling 49% each to the Russian oil giant Rosneft and a consortium led by Trafigura and UCP. It was in 2017, that this transaction was concluded with Essar Oil being valued at $12.9 billion.

Who acquired Essar Oil? ›

Essar, built by brothers Shashi and Ravi Ruia, sold Essar Oil to a group backed by Russian oil major Rosneft for about $13 billion in 2017 as part of efforts to raise funds to settle $25 billion which it owed to Indian banks.

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