Reliance Industries Sees Government Approval for BP Deal In Few Weeks
India's largest listed firm Reliance Industries expects government approval for its deal with BP in the next few weeks, Chairman Mukesh Ambani said at the company's annual shareholder meeting on Friday.
In February, Reliance agreed to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to BP in a $7.2 billion deal, and is expected to benefit from BP's deepwater exploration expertise.
Ambani also said the company would develop its broadband business plans over three to five years.
Last year, Reliance made a dramatic return to the telecom business with a $1 billion acquisition of Infotel Broadband, the only company to win a nationwide license for broadband wireless spectrum in a government auction.
