- Rosneft led consortium closes USD 12.9 billion acquisition of Essar Oil
- It is also the largest ever foreign acquisition in India
- The deal halves ICICI Bank’s exposure to the Essar Group
Ms. Chanda Kochhar, MD & CEO, ICICI Bank said, “We welcome the acquisition of Essar Oil by the Rosneft-led consortium. ICICI Bank has played a key role through the entire process of completion of the transaction since it was announced in October last year.
I am delighted to note that the entire ecosystem including the government, regulators, banks and various authorities worked together to complete the deal which is also the largest ever foreign acquisition of an Indian company. The deal also underscores the keenness of foreign investors to enter India, the fastest growing large economy in the world. This transaction reduces ICICI Bank’s exposure to the Essar Group by about 50%.”
About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 153.0 billion at June 30, 2017. ICICI Bank’s subsidiaries include India’s largest private sector insurance, asset management and securities brokerage company, and among the country’s leading fixed income players. It is present across 17 countries, including India.