BP, RIL form India Gas Solutions for sourcing, marketing gas
18 November 2011
Reliance Industries Ltd (RIL) and BP today announced the incorporation of India Gas Solutions Pvt Ltd, a 50:50 joint venture, which will focus on global sourcing and marketing of natural gas in India.
The joint venture company will also develop infrastructure to accelerate transportation and marketing of natural gas within the country.
India Gas Solutions Pvt Ltd will have six members on its board, with equal representation from RIL and BP. Kris Sliger of BP will be appointed chairman and RIL's Bibhas Ganguly will be it vice chairman.
The executive team comprises chief executive officer Hiten Metha (BP), chief financial officer Suresh Maglani (RIL), chief operating officer Amit Mehta (RIL) and chief commercial officer Brian Dodson (BP).
Speaking on the occasion, Sashi Mukundan, region president and country head, BP India said: "Our vision is to see the RIL-BP joint venture company emerge as a major participant in meeting India's growing gas demand. The need for assured gas supplies to fuel this growth is crucial and RIL-BP partnership is in a unique position to contribute significantly in this respect."
"The incorporation of the joint venture company is a significant step in the relationship of RIL and BP and further establishes the commitment of both the parties to the Indian market," said PMS Prasad, executive director of RIL.