BP is to make one of the biggest foreign direct investments in India, investing at least $7.2bn to take 30 per cent stakes in 23 natural gas blocks controlled by Mukesh Ambani, the country’s richest tycoon.
The deal with Reliance Industries, subject to government approval, is aimed at accelerating exploration in the blocks.
“This partnership will help unlock the huge potential of India’s vast but underexplored acreages,” Mr Ambani told reporters while unveiling the deal with Bob Dudley, BP chief executive, in London.
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