Indian energy giant Reliance Industries will pay $1.7 billion to Atlas Energy of US. Both the companies have tied up for a joint venture. Atlas Energy is known to govern the most promising natural gas deposit regions in US. It has been expected that the Indian company will pick up 40 pct in Atlas Energy's acreage.

The stake will be for the operations in the booming Marcellus Shale of Atlas. As per some of the geologists, this gas project could hold huge lot of natural gas. It has spread over Pennsylvania, West Virginia and New York in the United States. The gas contained in Marcellus Shale is estimated to satisfy U. S. demand for more than a decade.

According to market experts, Reliance is looking forward to expand its business outside the country. It is desperate to make its presence counted in the other countries too. The company is entering into new markets and expanding its businesses.

It has diversified to several sectors like refining, oil and gas exploration and petrochemicals. However, the company is expected to receive a huge cash flow from this project.