Indian government approves $7.2B BP, Reliance deal

Source: Reliance Industries

Reliance Industries Limited has received the Government of India approval for its $7.2 billion transformational deal with BP (NYSE:BP). The approval is progressing the largest foreign investment in the domestic hydrocarbon sector in India.

Under the agreement, BP will take a 30 percent stake in 21 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 deepwater block. RIL will remain operator on the blocks.

Following the approval, RIL and BP will work together to conclude the deal expeditiously.

Additionally, the two companies have agreed to form a joint venture for the sourcing and marketing of gas in India. BP could pay an additional $1.8 billion based on exploration success and development of commercial discoveries.

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