MUMBAI, TEHRAN, KUWAIT
Essar Group, controlled by India’s billionaire Ruia brothers, has held preliminary discussions with the national oil companies of Saudi Arabia and Iran about selling a stake in its refinery business, people with knowledge of the matter said. Exploratory talks began last month between Saudi Arabian Oil Co. and the Indian conglomerate about a stake in Essar Oil Ltd., which has a market value of about $5.5 billion (Dh20.20 billion), according to the people. Essar Group officials discussed a potential deal during a meeting with Aramco executives at the World Economic Forum in Davos, three of the people said, asking not to be identified as the information is private. (Bloomberg)
