Essar Group reaches agreement to acquire 118 gas stations in the UK

According to a report by the UK's Financial Times, Essar Group has agreed to acquire UK-based SGN Retail, a deal that will double the size of its petrol station network. The transaction comes as Essar Group advances an expansion plan aimed at growing its petrol station network to 800 sites by 2031. Essar Group said that once the 2031 target is reached, the company will hold approximately 9% of the UK market share. Alwan Rouya, CEO of Essar's fuel retail business, said these sites will be supplied with fuel by Essar's Stanlow refinery, and the group believes this move can offer more competitive petrol station retail prices. Essar Group declined to comment on SGN's valuation.