ICICI Prudential MF exposed to debt issued by Rosneft-owned Nayara Energy
- Six funds of ICICI Prudential AMC are exposed with varying degrees of exposure as a percentage of scheme assets, data from Rupeevest showed
ICICI Prudential Asset Management Company is exposed to ₹548.5 crores of debt issued by Nayara Energy. Nayara Energy counts Rosneft Singapore Pte Limited, a subsidiary of Russia’s Rosneft Oil Company as a 49.13% shareholder. Kesani Enterprises Company Limited, a consortium comprising Trafigura and United Capital Partners (UCP) investment group is the other major shareholder with a similar 49.13% stake. Nayara was placed on ‘credit watch with negative implications’ on 5th March 2022 by CARE Ratings. This was done ‘on account of the Russian invasion of Ukraine and the resultant economic sanctions being placed on Russia and certain Russian entities and persons’, the ratings note said. The current rating of this debt is AA.
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