Search the Internet          Tips  Sites: Finance, Investment

RIL may divest 13% pie in RPL to Kuwait Petroleum

Reliance Industries Ltd may divest around 13 per cent of its equity in Reliance Petroleum Ltd to international oil major Kuwait Petroleum Ltd and also simultaneously increase its investment in Reliance Infocom to Rs 250 billion over three to five years.

Answering a query in this regard, RIL managing director on Monday said: "RIL does not rule out any names and was open to any strategic or foreign investment for the same."

Ambani said the promoters were of the view that a 51 per cent controlling stake for a company like RPL with capital gains to the tune of $2.2 billion was a step in the right direction.

"We have planned to divest the 13 per cent equity in tranches in international markets and the divestment has been approved by both RIL and RPL boards," he said.

Tell us what you think of this report