Rosneft will get 49% and the two investors - Trafigura and UCP - will hold the remaining 49% in equal parts, the sources said, adding that the valuation included about $4.5 billion in assumed debt.
Essar Oil operates a 400,000 barrel-per-day oil refinery on India's west coast and sells fuels through its 2470 filling stations in India.
The company is part of a steel-to-ports conglomerate controlled by the billionaire Ruia brothers that has faced pressure from creditors to reduce borrowing that some analysts estimate at more than $14 billion.
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