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Reliance bitten by acquisition bug

india Updated: Nov 03, 2006 01:22 IST
Arun Kumar

RELIANCE INDUSTRIES Limited (RIL) is all set make India's first major acquisition in the exploration and production, and the petrochemical sectors in Europe.

The country's largest company, in terms of market capital, is in an advanced stage of discussion to acquire Premier Oil, a United Kingdom (UK) based company, and the Belgian division of British Petroleum (BP). The combined size of the two deals is expected to be at least $4 billion (Rs 18,000 crore). Premier Oil, listed on the London Stock Exchange and engaged in the exploration and production business, has a current market capitalisation of $2 billion.