"The deal between Essar Oil and Russian company Rosneft is now in its final stages with the binding terms of the contract expected in June," the CNBC-TV18 TV-Channel reported, citing its own sources.
The Russian company is said to have completed its due diligence for the final agreement, the media outlet reported
A preliminary deal for the purchase of an initial 49 percent stake of Essar Oil by Rosneft was signed between the companies in July 2015. In March 2016, the sides signed a non-binding agreement. The Indian company hopes to decrease its debt by more than $6.7 billion by virtue of the deal.