RIL, BP to invest Rs 40,000 crore in energy projects in India

RIL, BP to invest Rs 40,000 crore in energy projects in India

Reliance Industries (RIL) and British energy major BP on Thursday annnouced the creation of a joint venture energy vertical to work across the entire value chain, involving investment of $6 billion, or Rs 40,000 crore.

This would also develop their existing deep water gas fields in India’s eastern offshore to bring to fresh production 1 billion cubic feet per day of natural gas by 2022.

“We will invest Rs 40,000 crore over many years as new investment to bring in 30-35 million cubic metres of gas in next three-to-five years and sustain it over seven-to-eight years,” Reliance Industries Chairman Mukesh Ambani said at a press briefing here. Read more

Credits:www.india.com

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