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RIL considering tie-ups for RPL

Some industry majors had also shown interest in minority equity stake in RPL either through fresh issue of equity shares by RPL.

india Updated: Apr 03, 2006 13:48 IST

Mukesh Ambani-controlled Reliance Industries Ltd said on Monday that it was in discussions with global energy majors for a strategic tie-up with Reliance Petroleum after reports suggested that US-based Chevron might pick up stake in the company's upcoming Rs 27,000 crore refinery in Gujarat.

In a communique to the Bombay Stock Exchange, RIL said: "The company has been in discussions with them (several international industry majors) but no decision has been made in this regard. These discussions cover several proposals, including tie-up on technical support, supply of crude oil or raw material, purchase of finished goods."

Some industry majors had also shown interest in minority equity stake in RPL either through fresh issue of equity shares by RPL or through sale of part of RPL equity shares held by the company, it said.

All the proposals are under discussion, if and when a decision is made, the company or RPL will make necessary disclosures and seek regulatory approvals if required, it added.

Last week, industry sources said that US energy major Chevron may pick stake in Reliance Industries' Rs 27,000 crore refinery at Jamnagar and that RIL chairman and managing director Mukesh Ambani had gone to the United States to meet top executives of Chevron for a possible pact.

The 29 million tonnes per annum refinery, located in Jamnagar Special Economic Zone, is being set up for exports and the company was eyeing the multi-billion dollar high octane gasoline market in the US.