‘Essar’ oils are now left by ‘The Ruias’ as announced on Saturday. The Ruias will sell their 98% stake to Roseneft and a consortium which will have Trafigura and Russian Fund UCP as commodities trader. The decision was tough emotionally, as said by the director of the Essar Group, Prashant Ruia.
In his words, Prashant Ruia said, “The decision to monetize was driven largely by market conditions and the offer that was made. Business is doing well so we got a handsome valuation.”
The president said that this will soon fade out and he is sure things will again workout properly. They have stakes in the business of steel also and Mr. Ruia said they would now plan to play in that field and expand it in India as much as they can as their prime focus.
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