RIL-BP $7.2-Billion Deal Gets Govt Nod

Mumbai: Reliance Industries (RIL) and BP's $7.2-billion deal has received the government's stamp. Under the agreement, BP will pick up 30 per cent stake in 21 (of 23) oil and gas blocks RIL operates in India. On July 22, the Cabinet Committee on Economic Affairs had cleared the stake sale by RIL to BP. "RIL has received the government's approval for its transformational deal with BP. This will result in the largest foreign investment in the domestic hydrocarbon sector," RIL said in a statement.