Reliance gets govt approval for $7.2 bn BP deal

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.

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.

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Last month, the government cabinet had approved Reliance's plan to sell 30 % 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.

At 10.10 am, Reliance shares were down 2.1 % at 764.25 rupees in a weak Mumbai market.