India’s Essar Oil Limited officially became Nayara Energy Ltd. on Sunday, launching a new logo inspired by the virtues of fluidity, optimism and connectivity.
In October 2016, Russia’s state-owned oil company Rosneft bought a 49% stake in Essar oil, along with Russian investment fund United Capital Partners, in a deal worth USD 13 billion, as part of its ambitious plan to tap into India’s growing energy market.
The company had sought approval to change its name to Nayara Energy, a term coined by combining the Hindi word Naya (new) and Era. The overlapping layer streams within the logo signify collaboration and unity while depicting elegance that is contemporary and at the same time focused on the future. The new logo also embodies the vision of Nayara Energy, which is to grow the company to global scale in terms of size and excellence. The brand colors reflect the company’s ethical value and environmental commitment.
Speaking on the occasion, Nayara Energy CEO B. Anand said, “We are now officially Nayara Energy. It was important that the corporate identity reflects the ambitions and conduct for the company as it aims to explore the uncharted, to deliver extraordinary outcomes for the stakeholders across the value chain.”
The new company has been planning to expand the capacity of its refinery in Vadinar, Gujarat, which is India’s second largest single site refinery. It has a capacity of 20 million tonnes a year. Also, it aims to increase the company’s retail presence from 4,473 to 6,000 outlets. The company has more than 2,600 outlets at various stages of completion.