Mukesh Ambani led Reliance Industries is eying a potential bid for a controlling stake in Nayara Energy which is a Rosneft-backed company. The richest Indian’s group is also trying to include its refining assets on Indias west coast in the deal reported Energy Intelligence. According to The Economic Times report Rosneft and UCP Investment Group which are Nayaras stakeholders have reportedly engaged in talks with Indian businesses like Reliance Industries Adani Group and JSW Group. Senior Rosneft executives visited Delhi in March to discuss the matter with officials. Saudi Aramco has also been involved in discussions. The Saudi oil giant has previously shown interest in Indias refining sector. Rosneft’s Stake Under Review Rosneft Russias largest oil company is reportedly looking to sell its 49.13% stake in Nayara Energy which was acquired in 2017 for $12.9 billion by them. Sanctions imposed by the US and EU since 2014 have impacted Rosneft’s earnings from Nayara Energy. The valuation of Nayara Energy is around at $20 billion though discussions with Indian corporates are in early stages and a deal is uncertain. Another Group’s Exit UCP Investment Group which owns 24.5% of Nayara Energy is also looking to divest its stake. The groups valuation is at over $5 billion as reported by The Economic Times. Following the 2017 acquisition Rosneft held 49.13% ownership while Trafigura Group and UCP each retained 24.5%. While Nayara Energy has attracted interest some Indian firms have reportedly declined to pursue the acquisition due to low returns on investment. significant capital infusion requirements and over complexities arising from sanctions on Russian entities. Nayara Energy Nayara Energy handles Indias second-largest refinery in Gujarat and is the countrys largest private fuel retailer with over 6500 outlets nationwide.