 "Nayara Energy")
After Singapore-based commodity trading firm Trafigura Group, Russian investment firm UCP has decided to sell its stake in Indian refiner Nayara Energy, even as Western sanctions impact the fundraising plans of the company. Trafigura Group and UCP together hold 49.13 per cent in equal proportions in Nayara.
A banking source said both shareholders have initiated talks with a clutch of investors but because of the ongoing war in Ukraine, investors are not coming forward. “There is no taker for the stake in India or overseas as investors are worried about the impact of sanctions on the company’s existing operations,” said
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