The Mint Report for 29 March 2011

The Mint Report for 29 March 2011

Reliance Industries is a step closer to getting government approval for its mega deal with BP. Mint has learnt that the RIL has given its applications for the deal to the petroleum ministry. An approval is expected by the second week of April.

The proposed RIL–BP deal could be the largest FDI India has ever seen. It entails BP acquiring 30% stakes in RIL’s 23 oil and gas fields for $7.2 billion. The fields in question include RIL’s flagship KG D6 block.

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In other news, the CBI has made two more arrests in the 2G spectrum scandal. Two executives from DB Realty, Asif Balwa and Rajiv Agarwal were picked up for questioning on Tuesday. Asif Balwa’s brother Shahid was arrested in February. Formal charges will be filed by Thursday.

Indian markets have risen for a sixth trading session in a row. The Sensex jumped 178 points to 19,121. And the Nifty went up 49 to 5,736.