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Shell eyes 10% in Essar

Royal Dutch Shell is in advanced talks to acquire a 10% stake in Essar Oil as part-payment for selling three of its European refineries to the Indian company , persons aware of the plan said. At current market prices, the stake will be worth around Rs 1,700 crore ($364 million) and account for a little less than half the estimated $800-million value of the refineries. In addition, Essar is looking to raise a loan of around $1.5 billion to fund the working capital needs of the refineries , two of which are in Germany and one in the UK. Shell and Essar Oil, India’s second-largest private refiner, are in exclusive talks until the end of this month. Any deal between the two will involve the sale of some of the local marketing operations but not the retail business. [...]

IFC to put $10 m in solar projects

International Finance Corporation (IFC), the commercial lending arm of the World Bank, is looking to make a quasi-equity investment of $10 million in upcoming solar power projects in Punjab and Gujarat being set up by Azure Power. Azure Power India will build, own and operate multiple independent solar power plants. It has received approvals to commission over 22 mega watts across several Indian states and proposes to install 100 mw by the end of financial year 2012. [...]