Reliance Industries Ltd.

Reliance Industries’ (RIL) partner Niko Resources of Canada has put on sale its 10% stake in the flagging KG-D6 gas block off the east coast. Financially strained Niko had in February last year announced plans to sell its 10% stake in the KG-DWN- 98/3 or KG-D6 block to pay off $340 million debt. It had planned to sell off the interest by April 30, 2015 but later extended it to May 31 and then to September 15, 2015. It called the sale off apparently because it could not find a buyer.

While gas from existing producing fields are priced at a rate equivalent to the price prevailing in gas surplus economies such as Russia, the US and Canada, the government has given pricing freedom subject to a cap for undeveloped gas finds in deep-sea blocks.

RIL is an India-based private sector company, with business in energy and materials value chain and in retail and digital services. The company operates in four segments: refining, petrochemicals, oil & gas and organized retail. The refining segment includes production and marketing operations of the petroleum products.