Indian oil refiner, Essar Oil, will acquire Royal Dutch Shell’s Stanlow refinery in the U.K., Reuters reports. The Mumbai-based company will pay around $350-400 million for the acquisition.

Essar group is controlled by Shashi Ruia and Ravi Ruia, who also run London-listed Essar Energy. The Hague-based company had placed the Stanlow refinery and its Heide and Hamburg units in Germany up for sale.

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