Reliance Interested in Niko's Indian Exploration Acreage
Tuesday, November 05, 2002
Reliance Industries has expressed an interest in acquiring Niko Resources' 10 percent stake in 10 of the 12 exploration blocks the two firms had jointly acquired. However Niko will retain its interest in the block where Reliance and Niko struck gas reserves of seven trillion cubic feet off India's east coast. The transfer of interest in the blocks is subject to approval by the Indian Government
The exploration blocks were awarded to Reliance and Niko under the first round of India's New Exploration Licencing Policy (NELP-1).