Reliance Industries Ltd has abandoned a plan to transfer an 80 percent 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 today.
Reliance, which owns 90 percent in the gas-rich D-6 block in the Krishna Godavari basin off 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.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.
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