×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

RIL to pick up stake in US oil major Chevron

RIL to pick up stake in US oil major Chevron
Comment E-mail Print Share
First Published: Thu, Mar 15 2007. 01 49 AM IST
Updated: Thu, Mar 15 2007. 01 49 AM IST
Reliance Industries, the country’s largest pribvate sector company, with interest in oil and gas and petrochemicals, is in talks with the US oil major Chevron Corp. to pick up a stake in the company. Sources familiar with the development said that RIL as part of its global expansion in the oil and gas exploration, RIL is keen to have an important stake in the US oil giant and it has already initiated serious dialogues with the US company. However, the likely investment in this deal could not be ascertained. RIL is planning to raise about $5.5 billion through preferential allotment to promoters and external commercial borrowings to fund the proposed investments for global expansion. Chevron had last year picked up 5% stake in one of the Reliance Group companies —Reliance Petroleum with a provision to raise the same to 26%.
Comment E-mail Print Share
First Published: Thu, Mar 15 2007. 01 49 AM IST
More Topics: Corporate News | Sector Spotlight |