Indian energy major Reliance Industries is out of the race for Value Creation after the Canadian firm sold a majority stake in an oil sands property to BP, a source with direct knowledge told Reuters.

Earlier this year, Reliance, which operates the world's biggest oil refining complex in India, had made a $2 billion takeover bid for majority stake in Value Creation to rival BP's $1.2 billion bid in the privately held Canadian firm. BP will develop and operate the 185,000-acre Terre de Grace block in northern Alberta.