RIL says gets govt. approval for $7.2 bln BP deal

Wednesday, 10 August 2011 00:05 - - {{hitsCtrl.values.hits}}

MUMBAI (Reuters): Energy major Reliance Industries said on Tuesday it has received approval from the government for selling stakes in some of its oil and gas blocks to BP Plc for $7.2 billion.

Last month, the cabinet had approved Reliance’s plan to sell 30 percent stake in 21 oil and gas blocks, instead of the 23 originally planned, to BP, making it one of the largest investments in India’s oil and gas sector.

“Reliance Industries is grateful to the Government of India for the approval... Following the approval, RIL and BP will work together to conclude the deal expeditiously,” Reliance said in a statement.