Essar Group is planning to raise over $3.5 billion by selling stake in the refinery business. Essar Group is said to be in talks with two Chinese oil and gas majors for the deal. The UK-based Stanlow Refinery which is Essar Groups prized asset will be monetised in the transaction, according to a company source. The deal could be in several phases and will require restructuring of Essar Groups energy business.
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