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.

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Source: Reliance Industries, August 9, 2011;