The state-owned giant is close to clinching a 49% stake in Mumbia-listed Essar in a deal worth 105 billion Indian rupees ($1.63 billion), Indian newspaper Business Standard reported.
Rosneft would be picking up the stake from the Ruia family of billionaires, the newspaper reported, without naming its source.
The deal could be announced as early as Tuesday, it added.
A spokesperson at Essar told Upstream: “It is not our policy to comment on market speculations.
