Mukesh Ambani-led Reliance Industries Ltd (RIL) and UK’s BP Plc on Friday 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 where BP picked up a 30% stake in 23 oil and gas blocks of Reliance Industries, including the showpiece KG-D6 gas fields.
“The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country,” the two firms said.
“The incorporation of the joint-venture company is a significant step in the relationship of RIL and BP and further establishes the commitment of both the parties to the Indian market,” said PMS Prasad, executive director, RIL.
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.