Reliance Industries completes business negotiations with BP
A deal between the two parties will see BP take a 30 per cent stake in 21 oil and gas contracts.
Merger and acquisition consultants may be required after Reliance Industries (RIL) revealed it has agreed a deal that will see BP take a stake in some of its sites.
Under the terms of the arrangement, BP will own 30 per cent of 21 oil and gas production sharing contracts that the former operates in India.
RIL - the first company from India to feature in the Fortune Global 500 list of World's Largest Corporations - welcomed the endorsement that the government of India has given to the scheme and the link-up is set to create the largest foreign investment in the country's hydrocarbon sector.
"Following the approval, RIL and BP will work together to conclude the deal expeditiously," the group added.
RIL recently released its financial performance for the quarter ending June 30th 2011, which showed its highest ever quarterly financial performance, with turnover increasing by 37.2 per cent and exports by 57.5 per cent.
Posted by David Gleck