Reliance bitten by acquisition bug

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

Published on: Nov 3, 2006, 01:22:00 IST

None | By Arun Kumar, New Delhi

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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.

ABOUT THE AUTHOR
Arun Kumar
Arun Kumar is Senior Assistant Editor with Hindustan Times. He has spent two-and-half decades covering Bihar, including politics, educational and social issues.

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