Overview

• Rosneft has entered early, non-binding discussions with Reliance Industries for its 49.13% share in Nayara Energy.
• Simultaneously, UCP Investment Group is divesting its 24.5% holding, potentially creating a block exceeding three-quarters of the company.
• Nayara’s assets include a 20-million-tonne-per-annum refinery in Gujarat and a network of 6,750 petrol stations across India.
• Although Rosneft lowered its asking price to $17 billion from $20 billion, potential buyers still regard the valuation as excessive.
• Other interested parties such as Saudi Aramco and an ONGC-IOC consortium have been approached but no formal bids have been confirmed.