India's Reliance eyes pipeline unit sale: report
MUMBAI — India's largest private sector firm, Reliance Industries, is looking to sell its gas pipeline business, a report said on Wednesday, citing two people familiar with the matter.The group's billionaire…
MUMBAI — India's largest private sector firm, Reliance Industries, is looking to sell its gas pipeline business, a report said on Wednesday, citing two people familiar with the matter.The group's billionaire chairman Mukesh Ambani wants to sell Reliance Gas Transportation Infrastructure Ltd, the Wall Street Journal said, adding that the unit could be worth $1 billion although the process is in its early stages.Energy-hungry India, which imports three-quarters of its oil needs, is trying to increase its own energy output to fuel rapid economic growth.Reliance Industries is the largest private oil and gas explorer in India.Earlier this year, British energy giant BP agreed to pay $7.2 billion for a 30-percent stake in Reliance's 23 largely unexplored deepwater oil and gas fields, with an option for further payments depending on exploration successes.But Reliance has said that boosting gas output was proving more complicated than expected, prompting concern among analysts about supply and hitting its stock market performance.A Reliance Industries spokesman refused to comment to AFP on the report. Copyright © 2011 AFP. All rights reserved. More »
last modification 2011-07-06 09:45:11
Add comment