RIL sees govt approval for BP deal in few weeks

June 03, 2011 / 15:28 IST

India's largest listed firm Reliance Industries expects government approval for its deal with BP Plc in the next few weeks, Chairman Mukesh Ambani said at the company's annual shareholder meeting on Friday.

In February, Reliance agreed to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to BP in a USD 7.2 billion deal, and is expected to benefit from BP's deepwater exploration expertise.

Ambani also said the company would develop its broadband business plans over three to five years.

Last year, Reliance made a dramatic return to the telecom business with a USD 1 billion acquisition of Infotel Broadband, the only company to win a nationwide licence for broadband wireless spectrum in a government auction.

first published: Jun 3, 2011 03:20 pm

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