Essar seen in talks with Germany's BASF for $ 2 billion petrochemical JV.

Steel-to-BPO conglomerate Essar is in talks with Germany's BASF, the largest chemicals player in the world, for a petrochemicals joint venture, according to people directly involved in the discussions. The move revives a diversification plan which had been put on hold for long, both because of the global factors and the company's high debt burden.

Essar, led by billionaire brothers Shashi and Ravi Ruia, has long nurtured a desire to be an integrated oil and gas major and had conceptualized an integrated petrochemicals complex along with its refinery expansion in Vadinar, Gujarat. With Essar Oil, the country's second largest private refiner, trudging back to profitability in FY'14, the plans are back on track.

ET