Reliance/BP Deal Approved by the Indian Goverment

(Picture: Reliance)

BP is able to buy into Reliance's shares in India's oil and gas production.- The Indian government just approved the deal between the two oil giants.

Mumbai/India – The Indian government recently approved an ongoing transformation deal between India's largest private sector company Reliance Industries and BP. This approval paves the way for BP to take over 30 percent stake in 21 oil and gas production sharing contracts of Reliance in India, including the producing KG D6 block off the coast of Andhra, Bay of Benghal.

Reliance Industries expressed its gratitude towards the Government of India for the approval, which will result in the largest foreign investment in the domestic hydrocarbon sector. Following the approval, RIL and BP will work together to conclude the deal fast.