By Pratik Parija
Aug. 31 (Bloomberg) -- Reliance Industries Ltd. scraped a plan to transfer 80 percent of its share in its biggest gas field to four wholly owned units, the Economic Times reported, citing a letter sent to the oil ministry.
Reliance withdrew its application that sought permission to transfer the stake after raising funds required to develop the field, the report from Mumbai said. Reliance spokesman confirmed the development, the report said.
Reliance plans to spend $8 billion on the gas field, which may begin production by December.
To contact the reporter on this story: Pratik Parija in New Delhi at pparija@bloomberg.net.
Sunday, August 31, 2008
Reliance Scraps Plan to Transfer Stake in Gas Field, Times Says
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