Refiner Essar Oil Ltd has said that its board had approved delisting of shares from BSE and NSE of India. Essar Oil, a unit of the diversified Essar Group, said its board had met to decide on the proposal. The move is part of Essar Oil's plans to take the energy business of Essar Energy Plc private to provide increased financial flexibility to support its business needs. The company said the delisting would take place after its founders buy the 27.5 per cent of Essar Oil that is owned by public shareholders.
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