The Essar Group has completed the delisting of Essar Oil. The group now has only one listed company, Essar Shipping, which has a market capitalisation of Rs 5 billion. The delisting of Essar Oil led to a payout of Rs 37.45 billion to general shareholders. Prior to this, the Ruias had paid Rs 14.3 billion for delisting Essar Ports. The group has paid Rs 7.2 billion to investors to delist Essar Oil, Essar Ports, Essar Steel and India Securities. Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
In July, Russian oil major Rosneft had signed a deal with the group to buy 49 per cent in its Vadinar refinery in Gujarat, and supply 100 million tonnes of oil over 10 years. Refining comprises over 95 per cent of Essar Oil’s business. According to sources, the delisting would pave the way for Essar Oil to finalise its deal with Rosneft.