Ambani looking to sell RGTIL, eyes $1 bn | india | Hindustan Times
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Ambani looking to sell RGTIL, eyes $1 bn

india Updated: Jul 06, 2011 22:05 IST
HT Correspondent
HT Correspondent
Hindustan Times
Mukesh Ambani

Mukesh Ambani plans to sell Reliance Gas Transportation Infrastructure Ltd (RGTIL), a company that builds pipelines to carry natural gas across the country. Bankers have been sounded to help RIL sell this privately business that could be worth a $1 billion, even though the proposal is at an early stage.

An RIL spokesperson refused comments without denying the move.

RGTIL, which has set up the pipeline network for transportation of RIL gas from its D6 field, moved out of the RIL fold to become a subsidiary of Reliance Utilities Pvt Ltd in 2006.

The transaction took place for Rs 5,00,000, an insignificant sum considering that RGTIL had right of use for setting up major pipeline networks.