After 25 years of operations, the Panna-Mukta Fields were transferred back to ONGC by Shell and Reliance Industries, the JV partners for the project. The Government of India had entered into production sharing contracts for the oil and gas fields with the leading companies.
Saudi Aramco and Reliance Industries Ltd have entered into a non-binding Letter of Intent and the deal is expected to possess an enterprise value of 75 billion dollars. The transaction is claimed to be one of the largest foreign investments in India.
Reliance and BP have entered into a new JV in order to meet India’s fast-growing demand for energy and mobility. Together, the companies aim at increasing RIL’s current fuel retailing network of over 1,400 sites across India to 5,500 sites over the next five years.
Reliance Jio Digital Services has recently signed a deal with Haptik Infotech, one of India’s leading conversational AI platform. Under the deal, Reliance will hold an 87 % stake in the company and the rest will be held by Haptik founders and employees.
The project is the second phase of the integrated KG D6 development. With an aim to bring new gas production for India, the companies are developing the Block’s discovered deep-water gas fields in a series of projects.