RIL, the country's most valued firm, is mulling over bringing a new strategic foreign partner in its KG Basin D-6 block. Markets gave a thumps up with the stock spiralling to an intra-day high of Rs 2519.Sources have told NDTV that Reliance is willing to get another ally along with its existing partner, Niko Resources, into the giant D6 natural gas block. It may sell 10 per cent equity in the exploration block to the new partner. Meanwhile, bluechip investment bank Goldman Sachs is lining up potential suitors.
The KG Basin has huge reserves estimated at 11 trillion cubic feet. There's no surprise that the biggest names in the business are pouring over the data that shows exactly what lies under water in the Krishna-Godavari basin. The biggies include Exxon Mobil, Shell, BP and Chevron.
And that's not all, Italy's ENI, Brazil's Petrobras and France's Total are also evaluating D6 data.
Sources also said that the deal could be structured as an equity buy for the new partner in which case, it will own exactly the same stake as Niko with RIL holding the remaining 80 per cent.
There's also another option of a swap where RIL gets to participate in overseas projects of its partner while the overseas company gets involved in India's east coast.
Courtesy:ndtv.com
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