Nayara Energy Limited is a private, Indo-Russian downstream oil refining and marketing company, headquartered in Mumbai, Maharashtra. It was originally founded as Essar Oil Limited on September 12, 1989, by Shashi and Ravi Ruia. The company's name was officially changed to Nayara Energy Limited in June 2018, following a major ownership change. This rebranding was a result of the acquisition of Essar Oil's assets in August 2017 for $12.9 billion by a consortium led by the Russian state-owned oil company Rosneft. The name "Nayara" is a portmanteau of the Hindi word "Naya" (new) and "Era," signifying a new phase of development.
Nayara Energy operates India's second-largest single-site refinery in Vadinar, Gujarat, which has a capacity of 20 million metric tonnes per annum (MMTPA). Its core mechanism involves refining crude oil and marketing refined products, such as Euro-grade petroleum products, high-speed diesel, and bitumen. The company distributes these products through an extensive network of over 6,000 retail fuel outlets across India.
The company connects directly to India's energy security and the global oil market. Its ownership structure involves Rosneft holding a 49.13% stake, with the remaining majority held by the consortium Kesani Enterprises Co Ltd, which includes United Capital Partners and Mareterra Group. A recent change occurred in January 2023, when the original consortium partner, Trafigura, sold its indirect minority stake to Hara Capital Sarl, a subsidiary of Mareterra Group Holding. Furthermore, in July 2025, the European Union designated the Vadinar refinery as subject to sanctions due to its Russian ownership, citing its role in refining Russian crude. Nayara Energy is also expanding its operations into the petrochemicals sector.