CCEA Approves India's Biggest FDI Deal

CCEA Approves India's Biggest FDI DealThe Cabinet Committee on Economic Affairs (CCEA) has finally approved India's biggest FDI deal. Many business giant believed that the USD 7.2 billion deal between Mukesh Ambani-led Reliance Industries (RIL) and British Petroleum (BP) would incise many such planned big deals.

Jagannathan Thunguntla, Equity Head of SMC Capital, in a special dialogue with CNBC-TV18 accounted that the deal had brought tons of cash to the company’s cash-rich balance sheet of the and then the real trigger would be seen, if BP gets next to its technological proficiency.

The Uranium exploration with UXA, Thunguntla, on Reliance's joint venture commented that for the coming future, the company had successfully created a strong wealth sequence.

Robert Dudley, BP's Chief Executive, also added that in the coming weeks, the energy giant hoped that the agreement would be completed and the future Indian assets investments would definitely mount the total payments to an amount of $20 billion. On their achievement, Reliance didn't make any instant comments.

Oil Minister Jaipal Reddy added, "This is one of the major foreign investments in the history of India," Mr. Reddy said. "This transaction will not only mean investment of $7.2 billion by a foreign company in India, it will also mean induction of vast technical expertise to India's hydrocarbon sector”.