MUMBAI: Essar Oil's is in advanced talks with to sell 49 per cent stake to Russian energy major OAO Rosneft but the deal is likely to take more time. The company's management declined to comment of media reports of a likely stake sale to Saudi Arabian Oil Co (Aramco).

Billionaire brothers Shashi and Ravi Ruia have agreed to sell a 49 per cent stake in Essar OilBSE -0.15 % to Rosneft, providing the Indian company an assured supply of crude while its Russian counterpart obtains a foothold in Asia's third largest economy. While the companies did not disclose the

Source :economictimes.indiatimes.com