TEHRAN – Russian oil major Rosneft and its partners - global trader Trafigura and Russian fund UCP – sealed a $12.9 billion deal with India’s Essar oil on Monday based on which the Russian side purchased a 98.26 percent stake in the Indian company.

Consequently, based on the deal, Essar Oil's new owners will be responsible for repaying over €2 billion($2.4 billion) owed to Iran for past oil purchases.

According to Reuters, The deal is the biggest foreign acquisition ever in India, as well as Russia's largest outbound one. It also deepens Russian and Indian economic ties that stretch back to the Soviet era.

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