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India’s Reliance Industries Exits US Shale Gas: BS

The Mukesh Ambani-led conglomerate has got out of the shale gas business in the US. But it did not disclose the price at which it sold its assets there.

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Reliance
Singapore-incorporated REC Solar is the borrower while Reliance New Energy Solar, RIL's wholly owned subsidiary and the acquiring entity, is the guarantor. Photo: Reuters

 

Reliance industries Ltd (RIL), the huge conglomerate run by Indian business tycoon Mukesh Ambani, has quit the shale gas business in the United States, Business Standard reported on Monday.

Reliance Eagleford Upstream Holding, a wholly owned step-down subsidiary of RIL, signed agreements with Ensign Operating III, a US-based firm, to divest its interest in certain upstream assets in the Eagleford shale play, the company said in the report.

Reliance did not disclose the price at which the transaction was closed.

Read the full reportBusiness Standard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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