GOA, India (Reuters) - Russian lender VTB (VTBR.MM) will give India’s Essar Oil $3.9 billion in credit for debt reconstruction, VTB Chief Executive Andrei Kostin said on Saturday.
A group led by Russian oil major Rosneft (ROSN.MM) will acquire India’s Essar Oil in a $12 to $13 billion deal including debt, two sources privy to the deal told Reuters.
Essar is expected to announce the deal on Saturday in the coastal resort of Goa during a visit by Russian President Vladimir Putin, who will meet Indian Prime Minister Narendra Modi for a bilateral summit.
“This (deal) is the biggest investment in the history of India,” Kostin said.
Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Andrew Heavens