Reliance open to foreign interest in IPO: Mukesh

Reliance chairman said that RIL was open to foreign investors taking part in its subsidiary's $1.1-$1.3 bn IPO.

Reliance Industries is open to foreign investors taking part in its subsidiary's $1.1-$1.3 billion initial public offering, the group's chairman Mukesh Ambani told Reuters on Wednesday.

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"According to Indian rules, 60 per cent of the IPO can be allocated to foreign institutional investors. We are open to ... considering interest from all investors," Ambani said on the sidelines of the World Economic Forum in Davos.

Ambani said a new refinery created as result of a $6 billion refinery expansion would be 100 percent export-oriented.

He also said talks with the Colombian government about acquiring exploration rights should be concluded by the second half of this year at the latest.