Business
Reliance Expands
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India’s largest company, Reliance Industries, with a market cap of $75 billion, is acquiring a major stake in the shale gas reserves of a Texas company for $1.3 billion.
Reliance’s 45 percent stake in Pioneer Natural Resources Co.’s shale resources totals 4.5 trillion cubic feet. In April Reliance bought a 40 percent stake in Atlas Energy’s Marcellus shale acreage in the mid Atlantic for $1.7 billion. That region holds an estimated 13 trillion cubic feet of gas. Reliance has the option to buy 45 percent share of Pioneer’s new gas discoveries |
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