India’s Essar Group has asked Nayara Energy to pay about $350 million upfront for a brand licensing deal struck 5 years ago when Essar Oil was sold to the Russian-led group, instead of staggering the payment, sources familiar with the matter said.
Essar, built by brothers Shashi and Ravi Ruia, sold Essar Oil to a group backed by Russian oil major Rosneft for about $13 billion in 2017 as part of efforts to raise funds to settle $25 billion which it owed to Indian banks.
