RIL to acquire Chevron’s holding in Reliance Petroleum

The Mukesh Ambani-controlled Reliance Industries (RIL) is expected to acquire US energy giant Chevron’s stake in Reliance Petroleum (RPL). The overseas major had picked up a 5% stake in RPL in April 2006 as part of an equity investment pact with RIL.

The agreement envisaged entering into crude supply and production offtake agreements, however, both parties have now jointly decided not to proceed with the agreements.

The acquisition of 22.50 crore equity shares from Chevron will raise RIL’s stake in the refinery subsidiary to 75.38%.