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Our Bureau

Kolkata , May 15

The city-based Assam Company Ltd has acquired a 50-per cent stake in the Adelaide-based oil & gas exploration Austin Exploration Ltd.

Assam Co is engaged in tea business and has recently ventured into oil and gas exploration in Assam. Through Austin Exploration the company would start exploration in Australia and the US.

Talking to reporters, Mr Aditya K. Jajodia, Managing Director of Assam Co, said Austin Exploration holds exploration licence for four blocks, two each in the US and Australia.

"Exploration in these four blocks is likely to start by the end of this year," Mr Jajodia said.

According to him, 50 per cent of Austin, an unlisted company, is held by the US-based DMS. Financial involvement in acquiring the 50 per cent stake in Austin, he said, is negligible.

More Stories on : Mergers & Acquisitions | Petroleum

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