RIL says given proposal to transfer part of D6 Blockstake to arms

RIL says given proposal to transfer part of D6 Block stake to arms
, Tuesday, Aug 26


NEW DELHI - Reliance Industries Ltd. today said it has submitted a proposal to the government for transferring part of its participatory interest in gas-rich D6 Block in offshore Krishna-Godavari Basin to its wholly-owned subsidiaries.

"We have submitted a proposal (on D6 interest transfer) to petroleum ministry. A decision on this is still awaited. As all subsidiaries are owned by RIL, it will have no bearing on the company's shareholders," a Reliance Industries spokesperson told NewsWire18.

A newspaper report had today said RIL has proposed to transfer 80% of its interest in D6 Block to its four unlisted subsidiaries--Reliance KG Exploration and Development Pvt. Ltd., Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG.