India Approves Reliance, BP Deal

Reliance Industries Limited has received the Government of India approval for its transformational deal with BP.

“Reliance Industries is grateful to the Government of India for the approval, which will result in the largest foreign investment in the domestic hydrocarbon sector,” the company said in a press release today.

BP will take 30% stake in 21 oil & gas production sharing contracts that Reliance operates in India, including the producing KG D6 block. Following the approval, RIL and BP will work together to conclude the deal expeditiously.

Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of INR 2,58,651 crore (US$ 58.0 billion), cash profit of INR 34,530 crore (US$ 7.7 billion), net profit of INR 20,286 crore (US$ 4.5 billion) and net worth of INR 1,51,540 crore (US$ 34.0 billion) as of March 31, 2011.

Source: Reliance, August 09, 2011;

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