The USD 12.9 billion purchase of India’s Essar Oil Ltd by a consortium including Trafigura, one of the largest physical commodities trading groups in the world, UCP Investment Group, an independent, private investment group and Rosneft, the leader of Russia’s petroleum industry, has now been formally completed.
The Trafigura-UCP consortium and Rosneft each acquired a 49.13% stake in Essar, with the remaining 1.74% of Essar’s share capital remaining in the hands of retail shareholders. The transaction is India’s largest ever foreign direct investment transaction.
Elias Neocleous & Co LLC advised the Trafigura-UCP consortium, Kesani Enterprises Company Limited, the Cyprus company through which the acquisition was made, and Kesani Holdings Limited, its holding company, on all the Cyprus law aspects of the transaction.
