Nayara Energy rejects EU sanctions, calls move ‘unilateral' and without legal basis
Nayara Energy
, which accounts for 8 per cent of India's total refining capacity, has rejected the European Union's recent decision to impose sanctions on the company, calling the move 'unjust and unilateral' and asserting that it lacks legal foundation under international law.
In a media statement, the company said, 'As an Indian company, we are deeply committed to supporting the nation's energy security and fostering economic growth. Our organization is governed by Indian law and proudly serves as a vital contributor to the country's energy infrastructure.'
Nayara Energy operates one of India's largest refineries and has a 7 per cent share of the domestic petrol pump network. It also contributes 8 per cent of the country's polypropylene production capacity. The company said it continues to serve Indian demand and has no exposure to EU consumers.
The EU's move comes as part of its broader sanctions package targeting Russia and its affiliates. Nayara, in which Russia's
Rosneft
holds a stake, said that the EU's action is an 'undue extension of authority' that risks disrupting energy supplies to Indian consumers and industries.
'The EU's decision lacks legal basis and threatens to undermine India's interests,' the company said, adding that the measures could affect ongoing investments and partnerships. Nayara stated that since August 2017, it has invested over ₹14,000 crore in India and plans to invest an additional ₹70,000 crore in areas including petrochemicals, ethanol plants, ESG initiatives and marketing infrastructure.
The company also said it has contributed ₹2.5 lakh crore in direct and indirect taxes during the same period and reaffirmed its commitment to the country's energy goals.
'All our operations in India remain fully compliant with Indian laws and continue to function normally,' Nayara said. 'We have taken comprehensive measures to guarantee seamless continuity and stability across all business verticals.'
The company further stated that it is actively exploring all legal and appropriate avenues to respond to the EU sanctions. 'Several EU countries continue to import Russian energy while taking a high moral ground by targeting an Indian entity that primarily serves domestic demand,' the statement noted.
Nayara also emphasised its role in
community development
, citing a ₹200 crore annual CSR budget that supports education, healthcare, and infrastructure in regions near its operations.
'An Indian Company, Nayara is in India and for India – highly driven and committed to fuel the nation's growing demand for energy,' the statement said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
14 minutes ago
- Indian Express
Why bizman Sunjay Kapur's death has sparked a feud, corporate power struggle
Over a month after businessman and actor Karisma Kapoor's former husband Sunjay Kapur died of a heart attack while playing polo in London, his mother Rani Kapur has written to the board of directors of family-owned auto components firm Sona Comstar — a part of Indian conglomerate Sona Group — suggesting that she had been 'forced to sign documents behind locked doors' and 'left to the mercy of a select few for survival'. The letter was written by Rani Kapur hours before an annual general meeting (AGM) of the company was scheduled for Friday. The letter, in which Rani identified herself as the majority shareholder of the Sona Group, stated: 'I was approached multiple times and compelled to sign various documents without explanation or even having time to read and understand the same. Despite being under immense mental and emotional distress, I was coerced into signing such documents behind locked doors… the contents of such documents have never been revealed to me.' In the letter, which was also copied to the Securities and Exchange Board of India (SEBI), Rani also alleged that she has lost access to all her bank accounts. 'Please also take note that I have been totally denied access to my accounts and have been left to the mercy of a select few for survival. All this, in less than a month of my only son passing away,' she said. Rani further said that her late husband, Surinder Kapur — the founder of Sona Group, who had passed away in 2015 — had, via a will dated June 30, 2015, made her the sole beneficiary of his estate and also a majority shareholder of the Sona Group. 'It is unfortunate that while the family and I are still in mourning, some people have chosen this as an opportune time to wrest control and usurp the family legacy,' she wrote while requesting that the AGM be postponed by two weeks. She further alleged that in the AGM, a resolution would be passed to appoint certain directors in the company as representatives of the Kapur family, without her involvement. 'Unfortunately, once again, nothing has been told or explained, let alone discussed with me regarding the same by the company or people involved,' she said. Rani, who is being represented by senior advocate Vaibhav Gaggar and advocate Smriti Churiwal, added that she had 'not given any consent or officially nominated any person to come on the board of the company or any other Sona Group company after my son's demise or given any consent to any person to represent me in any capacity before the company and or any other Sona Group company'. The Indian Express has learnt that Sona Comstar, while denying all allegations, has said that it did not defer its AGM — which was 'scheduled in full compliance with the law' — despite the request from Rani Kapur, as she is not a shareholder in the company. On June 12, Sunjay Kapur died at the age of 53 following a heart attack. Some reports claimed that he had swallowed an insect while playing polo, which possibly sent his body into shock.
Time of India
24 minutes ago
- Time of India
$565m credit line for Maldives, talks on free trade pact
PM Modi and President of the Maldives Mohamed Muizzu (Pic credit: AP) The turnaround in India-Maldives ties in the past 10 months - following the acrimonious removal of Indian military personnel from the strategically located country - seemed complete as India announced a fresh $565 million line of credit (LoC) for the Indian Ocean neighbour and signed an agreement to reduce its annual debt repayment burden by 40%. As President Mohamed Muizzu hosted PM Modi for the latter's first visit to the country under his presidency, receiving Modi at the airport, both sides affirmed their commitment to a bilateral investment pact and a free trade agreement, for which the terms of reference were finalised. Seven MoUs and agreements were signed. Muizzu had invited Modi as the guest of honour for the Maldivian independence day celebrations. India had extended an $800 million LoC in 2019 under the previous pro-India Maldivian Democratic Party govt but on this occasion the LoC is in Indian currency (Rs 4,850 crore). PM: India & Maldives will soon finalise an investment treaty The president said after his meeting with Narendra Modi it will be used for priority projects in defence, healthcare, education and housing. Foreign secretary Vikram Misri said Muizzu reiterated the Maldives's condemnation of the Pahalgam attack. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock You Reportingly Undo Muizzu has been seen as a pro-China leader in the past because of his association with the India Out campaign while in the opposition, and his insistence on driving out Indian military from the archipelago after taking over as president in Nov 2023. Muizzu travelled to India in Oct last year for an official visit, during which he said Maldives would do nothing to hurt India's security interests and would prioritise the relationship. The leaders then launched a Comprehensive Economic and Maritime Security Partnership to resuscitate the relationship. Modi said India is proud of the fact that it's Maldives's most reliable partner and that for India, it's always friendship first. "To give a new impetus to our development partnership, we have decided to provide a line of credit of $565 million, or approximately Rs 5,000 crore, to Maldives. It will be used for projects related to infrastructure development in line with the priorities of the people of Maldives," said Modi, calling the relationship older than history and as deep as oceans. One of the agreements signed is expected to bring down Male's annual LoC debt repayment from $51 million to $29 million. Modi said that both countries will soon finalise a bilateral investment treaty and their target now is "from paperwork to prosperity", adding a local currency settlement system under discussion will facilitate trade. There was focus on defence and security cooperation as the new defence ministry building built with Indian assistance was inaugurated. Asked whether there was any discussion about China, Misri said in a press briefing that India continued to work very closely with the Maldives on any issue that might "impinge on not just our security but our common security in this region that we share". Modi will participate in the independence day celebrations on Saturday and meet political functionaries. The visit saw the leaders virtually inaugurating a roads and drainage system project in Addu city and six high impact community development projects in other cities.
Time of India
32 minutes ago
- Time of India
DRDO tests missile fired from drone
NEW DELHI: Flight-trials of an advanced precision guided missile launched from an Unmanned Aerial Vehicle (UAV), which can be fired in plain and high-altitude areas during day and night, have been successfully conducted by DRDO. The UAV-launched precision guided missile or ULPGM-V3, which is an enhanced version of the ULPGM-V2 missile developed and delivered by DRDO earlier, was tested at the National Open Area Range at Kurnool in Andhra Pradesh. "The ULPGM-V3 is equipped with a high-definition dual-channel seeker that can strike a wide variety of targets. It has a two-way data link to support post-launch target/aim-point update," an official said on Friday. The missile is equipped with three modular warhead options, including an anti-armour one against modern tanks and infantry combat vehicles equipped with rolled homogeneous armour with explosive reactive armour. The other two are a penetration-cum-blast warhead with bunker-bursting capabilities and a re-fragmentation warhead with "a high lethality zone". Calling it "a major boost" to India's defence capabilities, defence minister Rajnath Singh congratulated DRDO and its industry partners, MSMEs and start-ups for the development and successful trials of the ULPGM-V3 system. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo "This success proves that the Indian industry is now ready to absorb and produce critical defence technologies," he added. The missile is jointly developed by the DRDO labs like the Research Centre Imarat, Defence Research and Development Laboratory, Terminal Ballistics Research Laboratory, High-Energy Materials Research Laboratory, Integrated Test Range and Defence Electronics Research Laboratory. The UAV, in turn, has been indigenously developed by start-up Newspace Research Technologies, Bengaluru. "DRDO is actively pursuing integration of ULPGM weapons with long-range and high endurance UAVs from several other Indian companies," the official said.
