British Petroleum(BP) makes one of the biggest foreign direct investments in India to date with a $7.2 billion tie-up with Reliance Petroleum to explore for deepwater oil and gas.
BP will take a 30 percent stake in 23 oil and gas blocks and form a 50:50 joint venture for sourcing and marketing gas.
Reliance's tie-up with BP is also subject to government approval.Once the deal is approved, BP will pay the $7.2 billion to Reliance in stages up until March 2012.
BP already has a presence in India, including an interest in a deepwater block called D-17, which it has been working on with Reliance Industries since late 2008.
Reliance Industries - BP Tie-Up 50:50 joint-venture company for sourcing and marketing of natural gas announced - Nov 18,2011
Mukesh Ambani-led Reliance Industries Ltd (RIL) and UK’s BP Plc on Friday Nov 18,2011 announced the incorporation of their 50:50 joint-venture company for sourcing and marketing of natural gas in India. The joint venture, to be called as 'India Gas Solutions Pvt Ltd', is part of the agreement reached in February 2011 where BP picked up a 30% stake in 23 oil and gas blocks of Reliance Industries, including the showpiece KG-D6 gas fields.
BP India CFO Kris Sliger will be the chairman of the joint venture while RIL’s vice-president for gas, Bibhas Ganguly, will be the vice-chairman.
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