Canada's Niko Resources will have the option of increasing its stake by 15 per cent in the oil and gas blocks in India where Reliance Industries is its partner.
This is consequent to the recent move by RIL to offer 30 per cent in its blocks to British Petroleum for $7.2 billion. “Niko Resources was informed about our partnership with BP. As per the contractual provision, Niko can increase by 30 per cent of their current holdings,” said RIL in a statement.
As a result, Niko will have the option of hiking its stake in the D6 and NEC 25 blocks to 13 per cent from 10 per cent and in D4 to 19.5 per cent (from 15 per cent).
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.