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Essar Oil to invest Rs 1600 crore in upgrading Vadinar refinery

Essar Oil to invest Rs 1600 crore in upgrading Vadinar refinery

Business
Essar Oil is an India-based company engaged in the exploration and production of oil and natural gas, refining of crude oil, and marketing of petroleum products. It is a part of the Essar Group based in Mumbai. It operates a major refinery in Vadinar, Gujarat, India, which made it the second largest non-state refiner in India in 2009.In July 2009, Essar acquired a 50% stake in Kenya Petroleum Refineries Ltd. In July 2012, following Gujarat High Court's directions Gujarat Government seized three bank accounts of the company to recover its tax dues of Rs80 billion.It was a publicly traded company (NSE: ESSAROIL & BSE: 500134),until it was taken private in a leveraged buyout which closed on December 30, 2015. It delisted the company valued at ₹380 billion (US$5.6 billion) by p