Trafigura Group has divested its 24.5% indirect stake in Russia-backed Indian refiner Nayara Energy to Hara Capital Sarl, a wholly owned subsidiary of energy investment group Mareterra Group.

The financial terms of the transaction were not made public.

Nayara Energy owns India’s second-largest single-site refinery at Vadinar, Gujarat. The refinery has a capacity of 20 million metric tonnes per annum (Mmtpa).

The Indian downstream energy and petrochemicals firm also holds more than 6,000 operational retail outlets in India.

The company is also developing a 450,000tpa polypropylene plant in the country.

UCP Investment Group and Trafigura both had 49.84% stakes each in Singapore-based Tendril Ventures.

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By GlobalData

Tendril’s wholly owned subsidiary Kesani Enterprises Company holds a 49.13% stake in Nayara Energy while Rosneft’s unit owns a 49.13% stake.

The remaining stake in Nayara Energy is held by public shareholders.

Mareterra Group Holding founder Filippo Ghirelli said: “Nayara Energy is already implementing a number of low-carbon projects, plans to become a major manufacturer of petrochemical products, and is actively developing its network of retail service stations.

“In this context, we will share our relevant experience with Nayara Energy to strengthen both the technological and environmental leadership of the company in the Indian market.

UCP Investment Group managing director Irina Lanina said: “UCP remains committed to its investment in Nayara Energy and believes in its future growth opportunities.”

The acquisition forms part of Mareterra’s efforts to expand its operations to include regions outside of Europe.

Trafigura in a statement said: “As a new shareholder in Nayara Energy, it will bring its strong experience in reducing the carbon footprint of fuel stations, installing electric charging stations, and improving energy efficiency at industrial assets.”