Rosneft to foray in Indian retail fuel sector: Pradhan

Bengaluru (Karnataka) [India], June 19 (ANI): Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday revealed that Rosneft, the oil industry leader in Russia, is looking to venture into the Indian retail fuel sector.

Speaking to media post the inauguration of the City Gas Distribution Project here, Pradhan said an investment to the value of USD 13 billion was invested in the preceding financial year, which was hailed as one of the largest deals in the industry.

The company, which recently took over Essar Oil, is expected to get a 49 percent stake in the latter's shares, using which the company is looking to expand its global footprint.

The USD 12.9 billion deal is projected to be implemented by July 2017, and will be the largest acquisition by a foreign firm in the Indian market.

Speaking about the City Gas Distribution Project, Pradhan said the project would entail an investment of Rs. 6,283 crore, and would be implemented across India's Silicon Valley by GAIL India Ltd.

Pradhan also stressed on the importance of natural gas, and said the city would be connected with clean fuel and for the transport sector.

Furthermore, he highlighted the government's vision to introduce a policy to ban the fuel oil and put more pressure on the usage of Natural Gas, adding that in the coming years, the IT hub will have latest quality power. (ANI)

This story has not been edited. It has been published as provided by ANI