RIL gets Essar, Vedanta challenge

Mukesh Ambani-led Reliance Industries Ltd (RIL), which has already spent $3.5 billion for acquiring three shale gas assets in the United States — and is still scouting for more — may soon find competition coming in this space from the Ruias-promoted Essar Energy and Anil Agarwal-led Vedanta Resources.

Mukesh Ambani-led Reliance Industries Ltd (RIL), which has already spent $3.5 billion for acquiring three shale gas assets in the United States — and is still scouting for more — may soon find competition coming in this space from the Ruias-promoted Essar Energy and Anil Agarwal-led Vedanta Resources. ONGC is also inching slowly into this domain.

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While sources in Vedanta confirmed Agarwal’s interest in shale gas exploration, Prashant Ruia, vice-chairman of Essar Energy said his company’s intent to enter shale gas exploration. Speaking to the Hindustan Times from London, Ruia said shale gas exploration “fits very much into the company’s new lines of businesses.”