Essar Oil, owned by Russian firm Rosneft and partners, on Thursday said it plans to change its corporate identity to Nayara Energy.

Rosneft and its partners completed the $12.9-billion acquisition of Essar Oil last August, entering the world's fastest-growing Indian energy market.

"Essar Oil (EOL) is seeking approval to change its corporate identity to Nayara Energy. The new corporate identity for EOL is in line with the company's strategy to create a new brand and identity, reflecting the new ownership and its ethos," the company said in a statement.

Rosneft owns 49.13 per cent of the company while global commodity trading and logistics giant, Trafigura and Russia's UCP Investment Group own another 49.13 per cent.

EOL operates a 20 million tonnes a year refinery at Vadinar in Gujarat and 4,473 petrol pumps. The new owners of Essar Oil aim to scale up the company's petrol pump network to 6,000 outlets.

The new name, coined from 'Naya' (new) and 'Era', strongly signifies the company's progressive vision to succeed in the dynamic Indian and global energy markets, the company said in a statement.

In a message to employees, CEO B Anand said, "With the backing of our new shareholders, we are confident of steering the company to a new era."

The company's 12-member board is headed by chairman and non-executive director Tony Fountain, who worked with BP and Reliance Industries in the past. It includes senior representatives from the investors, senior management and independent directors.

Essar Oil's incumbent CEO Lalit Gupta had stepped down from the position but continues as a senior advisor to the board of the new company. B Anand is the CEO now. He was chief financial officer Trafigura India and has worked with the Future Group and Vedanta Resources before that.