Reliance Industries, the largest private oil and gas explorer in India, is looking forward to sell out its Reliance Gas Transportation Infrastructure Ltd, claimed the Wall Street Journal, and the price at which it was to be sold was estimated to be $1 billion.

India gets three-quarters of fuel imported and was now concentrating on the manufacturing of the oil so as to increase its economic development speedily. A Britain-based fuel company BP was ready to pay out $7.2 billion for a
30% share in Reliance's 23rd largely unexplored deepwater oil and gas fields, with an option for making further payments on the basis of the success from the exploration.

Mr. Mukesh Ambani, Chairman of Reliance Industries Ltd, had asked bankers to help him in selling out the business, as he was in search for buyers, however the proposal of selling was at its initial stage and the complete selling out was unsure for the time being.

As per a source, recent natural gas discoveries off India's coastline have created an urgent need for pipelines to transport the gas to industrial hubs and fuel the country's booming economy. RGTIL has a gas pipeline from the landfall centre of Kakinada across the country to Gujarat on the east coast, with various connections along the way.