Indian Essar Oil Limited, which engages in the refining of crude oil and marketing of petroleum products in India and internationally, was rebranded as Nayara Energy Limited, Rosneft PJSC, the majority 49.13 percent shareholder announced Thursday.
The Russian company said that the decision was finalized during the extraordinary general meeting of its shareholders on Weds, June 6.
Last August, the company announced that Essar Oil's development strategy would include a new brand and corporate identity positioning.
The term Nayara is coined from Hindi “Naya” (new) and “Era” and strongly signifies the shareholders’ vision of bringing the asset to a new era of development.
The Essar retail network, amounting to 4,500 fuel stations in India, will keep its name after the rebranding of the parent entity.
Short-term plans include the possibility of expanding the fuel stations network even further.
By Murat Temizer