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Indian RIL in talks with BG, Chevron, Exxon for stake sale

Reliance Industries is in talks with global energy majors, including British Gas of the UK, Chevron Corp of the US, Exxon and Shell for a possible stake sale in its Krishna-Godavari basin gas fields.

Reliance Industries is looking for a strategic partner for its KG-D6 gas block to get deep sea exploration technology, industry sources said. India’s corporate conglomerate has mandated Goldman Sachs for its possible stake sale that may happen after the block, that contains over 50 trillion cubic feet of gas reserve, is hived off into a special purpose vehicle. The percentage of stake to be divested has not been firmed up and may depend on the value that the strategic partner was bringing in. Sources said at least five companies, including British Gas (BG), Chevron Corp, Exxon, Shell and Eni of Italy has visited the data room set up in New York. Total of France, BG of UK and Petrobras of Brazil are also believed to be interested in Reliance’s block that is to begin gas production from third quarter this calendar year. (Economic Times)