Essar Energy's wholly-owned subsidiary, Essar Energy Holdings, has agreed to acquire 32.95m shares in Essar Oil, equal to a 2.41 per cent stake.
The acquisition follows a call option agreement which it entered into with Essar Investments.
The option was exercised at Rs 81.11 per share for a total consideration of $48.65, using available funds.
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"Essar Energy's decision to exercise the option was driven by its desire to consolidate non-public holdings of Essar Oil," the group said.
Essar Energy's share price was up 0.5% at 143p by 13:00 Monday.
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