Reuters

Mumbai: Reliance Industries Ltd has abandoned a plan to transfer an 80% stake in a deepwater block to its subsidiaries as it has raised the money it needs for the block, the company said in a statement on Monday.

Reliance, which owns 90% in the gas-rich D-6 block in the Krishna Godavari basin off India’s east coast, said last week it had sent a proposal for the transfer of the stake to four fully-owned subsidiaries and was awaiting government approval.

“Our projects are nearing completion and we have successfully raised the finance, and so do not wish to pursue the application seeking approval to assign our participating interest to our 100% owned subsidiaries and have since withdrawn it,” a Reliance spokeswoman said in the statement.

There were no details of the amount of funding it had raised.

Canada’s Niko Resources owns the remainder in the D-6 block where huge gas discoveries have been made.

Reliance aims to pump gas from D-6 from October and oil from September, company sources have said.

Shares in Reliance Industries, India’s most valuable firm, were up 0.25% at Rs2,142 in a weaker Mumbai market.