Reliance Industries Ltd.

Reliance Industries (RIL) has received gross cash consideration of $574 million towards the first tranche of sale proceeds of EFS. Reliance Holding USA, Inc, a subsidiary of RIL has recently announced sale of its interest in EFS Midstream LLC (EFS) to an affiliate of Enterprise Products Partners L.P.

In a joint transaction announced on May 31, 2015, Reliance and Pioneer Natural Resources Company agreed to sell their respective ownership interests (of 49.9% and 50.1%) in EFS to an affiliate of Enterprise Product Partners L.P. for an aggregate consideration of $2,150 million.

The transaction closed on July 08, 2015 with the effective date for the transaction being July 1, 2015. Under the terms of the definitive agreements, Reliance received gross cash consideration of $574 million towards the first tranche of sale proceeds. Following retirement of debt at EFS level and other adjustments customary for similar transactions, Reliance received net proceeds of $528 million at the closing today.

The final tranche of payment of $499 million in cash is expected to be received on or before the first anniversary of the closing date.