Today, renowned Reliance Industries has notified completion of its 30% stake grouped under 21 oil and gas blocks such as showcase KG-D6 block and British energy BP Plc for more than USD 7 billion. In a statement, the Company Chairman and Managing Director, Mukesh Ambani, said that the deal completion has played a role to smoothen the implementation of its strategic alliance in India with BP.

"This significant step will commence the planned alliance which will operate across the gas value chain in India, from exploration and production to distribution and marketing”, added the company statement.

In addition, the Company has claimed that the deal is crucial to bring one of the huge foreign investments to the country.

While briefing on the completion of deal, Mukesh Ambani said that the collaboration with BP will surely encourage the attempts to identify the caliber of Indian hydrocarbon reserves. Further, he claimed that the globally popular expertise of BP as well as the intense home experience will enable the company to deliver ultimate value for the country in its pursuit of energy security.

Simultaneously, the Company has claimed that the two companies are also enthusiastic to establish a joint venture for gas supply in India.