RIL bags 60 pc stake in US firm Marcellus Shale

Mumbai, Sep 13: Reliance Industries Limited (RIL) led by Mukesh Ambani bagged the long waited deal where it bought 60 percent stake of US based company, Marcellus Shale gas for $392 million.

RIL's subsidiary, Reliance Marcellus II LLC, had signed a definitive transaction agreement to enter into a Marcellus Shale joint venture with the US based Carrizo.

However, Carrizo Oil & Gas Inc earlier announced that the company closed its previously announced joint venture transaction in the Marcellus Shale with a subsidiary of Reliance Industries Limited.

Reliance paid $11.4 million in cash to Carrizo at closing with $1.7 million more expected by the end of 2010.

OneIndia News