Russia’s Rosneft in talks to sell stake in India unit to RIL

Russian energy company PJSC Rosneft is in early-stage discussions with Reliance Industries Ltd (RIL) to sell its 49.13% stake in Nayara Energy, formerly Essar Oil, according to a report by the Press Trust of India citing people familiar with the matter.

Nayara operates a 20-million-tonnes-per-year refinery and manages a network of 6,750 fuel retail outlets across India.

Facing constraints from Western sanctions, Rosneft is reportedly seeking buyers with strong overseas earnings or international entities capable of transacting outside India.

If the talks advance, a deal could allow Rosneft to unlock value from its Indian investment while bypassing sanctions-related hurdles.

Valuation remains a key sticking point, with both parties closely weighing Nayara’s strategic assets and market position, the PTI report said.

Senior Rosneft executives have reportedly visited Mumbai and Ahmedabad in recent months, signaling the Russian firm’s serious interest in pursuing a sale.