STOCKS | Essar Group Agrees to Buy 118 UK Fuel Stations

According to Sina Finance, Essar Group has agreed to acquire SGN Retail in the UK, a deal that will double the size of its fuel station network. The company said the acquisition comes as it pushes ahead with an expansion plan to grow the network to 800 stations by 2031. Essar Group said that once the 2031 target is reached, it will hold about 9% of the UK market. Arvinder Ruia, chief executive of Essar's fuel retail business, said the stations will be supplied by Essar Stanlow Refinery, and the group believes this will allow it to offer more competitive retail fuel prices. Essar Group declined to comment on SGN's valuation.