Saturday, April 10, 2010
World's fourth richest & India's no. 1 industrialist Mukesh Ambani confirmed a billion dollar deal with Altas Energy for Marcellus stake. RIL will enjoy 40% stake in Atlas's operations in the most promising and booming gas fields in West Virginia.
RIL is trying to expand its empire for a long time. It's deals with a Canadian Oil Sands & LyondellBasel weren't successful. The latest deal, though expensive will be the best in overseas.
"This marks Reliance's foray into a totally new venture altogether. Reliance is going to generate a lot of cash flows going ahead and investments in shale gas could be a good growth opportunity," said Deepak Pareek, oil and gas analyst with Angel Broking.
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