According to a report published in Wall Street Journal, the Indian biggie Reliance Industries Ltd. is almost at the last stage of a deal which would allow the company to have a large stake in a natural gas firm in US.

Reliance has to pay between $1 billion and $1.5 billion to buy the stake. Reliance is going to be the first Indian company to go for such a joint venture. The name of the US firm is Atlas Energy Inc. Atlas energy is one of the largest gas company of the country. It has around 584,000 acres in the expansive Marcellus Shale. This is a vast gas-bearing formation and spreads from West Virginia to New York.

However, the stake ratio has not yet been out in the media and speculations are on in the market. The US firm is looking forward to be a 50-50 partner with Reliance in this venture.

A spokesperson for Atlas Energy has confirmed that the company is in talk with other overseas firms for a possible joint venture. But Reliance Industries is having advantage over others.