Oil India in talks to buy RIL's gas transport business
29 May 2012
State-owned Oil India Ltd yesterday said that it is in talks to buy a 51-per cent stake in Mukesh Ambani's privately owned firm Reliance Gas Transportation Infrastructure Ltd (RGTIL).
"We have expressed interest for buying 51 per cent stake in RGTIL," Oil India's finance director, T K Ananth Kumar told reporters after announcing the company's financial results for 2011-12.
Since July 2011, Mukesh Ambani has been looking to sell RGTIL, a company that builds pipelines to carry natural gas across the India.
Kumar said that the company had submitted an expression of interest but would take a final call later after conducting due diligence.
Five Indian and six foreign companies have submitted expressions of interest (EoI) for buying a stake in the gas transportation company, while state-owned gas utility GAIL (India) and Oil India have submitted separate EoIs.
Other interested firms could include Calgary, Alberta-based energy company Enbridge Inc.
