An Essar spokesperson declined to put the value. File
| Photo Credit: PTI
EET Retail Limited, the retail division of Essar Energy Transition Fuels, the U.K. based company of the Essar Group, has announced an agreement to acquire 100% of SGN Retail, U.K.’ independent forecourt operator founded by Graham Peacock and Susan Tobbell for an estimated £400 million, according to sources. An Essar spokesperson declined to put the value.
Viral Gathani, Head of Strategic Transactions at Essar Energy Transition said, “This is a unique, best-in-class opportunity and advances a core part of our M&A strategy. “
“The transaction is backed by a top-tier group of banks spanning four continents, several supporting the U.K. forecourt sector for the first time, underscoring confidence in our backward-integrated growth model and in the U.K. fuels and convenience markets.”
“The transaction will be funded through a combination of cash and a new £250m senior debt facility arranged by a bank group comprising First Abu Dhabi Bank, Macquarie Bank, Mizrahi Tefahot Bank, Natixis, OakNorth Bank, Royal Bank of Canada, SMBC Bank International and Sound Point Capital Management,” the company said in a statement.
The transaction will add 118 forecourt (fuel station) locations to EET Retail’s existing portfolio of 117 sites. The combined entity will have annual throughput of 650 million litres. Essar Energy Transition plans to have an integrated refinery-to-forecourt network of 800 fuel stations by 2031.
Arvan Ruia, CEO, EET Retail said, “Building a scaled, vertically integrated retail forecourt platform is a critical pillar of our long-term U.K. strategy. SGN Retail is one of the highest-quality forecourt networks in the U.K. well ahead of the market.”
“This acquisition accelerates our plan to build a nationwide, vertically integrated platform of 800 sites, backed by direct refinery supply and delivering competitive prices at the pump for U.K. motorists,” he added.
Published – September 14, 2026 07:05 pm IST
