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Press Release

VTB finances Essar Group deal with Rosneft

October 15, VTB Bank and ESSAR ENERGY LIMITED have signed a facility agreement for VTB to provide up to USD 3,9 billion for refinancing debt at ESSAR GLOBAL FUND LIMITED in preparation for the sale of Essar Oil Limited. As a pre-requisite for the Acquisition, various Essar Group facilities had to be restructured and refinanced. VTB made USD3.9 billion available to Essar Energy to achieve the required refinancing and ultimately facilitate the successful completion of the Acquisition.

VTB Capital, the investment artm of VTB Group, has also acted as the sole M&A advisor to Essar Energy Limited on their $12.9B sale of 98% of Essar Oil, Vadinar Port and Vadinar Power to Rosneft Oil Company, Trafigura Beheer BV and United Capital Partners for which the Sale and Purchase agreement was signed as well. The completion of the deal is subject to conditions precedent, including the consents of competent regulatory authorities, lenders and other parties. The parties anticipate to obtain the relevant approvals in the first quarter 2017.

This is one of the largest financing and M&A transactions by a foreign bank involving an Indian company and is another example of VTB’s continued commitment to expanding its footprint in India whilst supporting the growth of strategic economic ties between Russia and India.

The Financing reflects VTB’s continued support for the Essar Group, which was established in 2014 for the privatisation of Essar Energy in the UK and Essar Oil in India, and other projects. Considering the satisfactory relationship we share with Essar, we will consider supporting various other businesses of Essar.


2016-10-15

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VTB Group
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pr@vtb.ru

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