Essar Oil, earlier part of the Mumbai-based Essar Group, was a major integrated oil company with private fuel retail outlets, the second-largest refinery in Gujarat, a 1,000-MW power plant, and strategic assets such as the Vadinar port and oil terminal, before undergoing a major ownership change. In October 2016, Russia’s state-owned oil giant Rosneft acquired a 49% stake in Essar Oil along with United Capital Partners in a $12.9 billion deal, with Trafigura and UCP Investment Group later also becoming key investors, following which the company was renamed Nayara Energy in May 2018, combining “Naya” (new) and “Era.” Prior to this transition, Essar Oil was delisted in FY2015–16 at a final discovered price of ₹262.80 per share through the reverse book-building process, paying ₹3,745 crore to tendering shareholders, funded partly by a $330 million bridge loan from Russia’s VTB Bank. Today, Nayara Energy operates as a large-scale integrated downstream oil company across refining, productio...