Reliance wants stake in national oil companies

Vol 3, PW 21 (10 Nov 99) News in Brief

Reliance has for the first time made public its ambition to acquire a stake in the countrys state-owned oil corporations.

Reliance has sent a letter to the government expressing an interest to buy stakes in Hindustan Petroleum, Bharat Petroleum, Engineers India, and Indo-Burmah Petroleum. "We have got good cash flows and would like to buy these companies as and when the government is willing to sell its stake," said group vice-chairman Mukesh Ambani.

Oil minister Ram Naik confirms that Reliance has sent him a proposal, but said no decision has been taken. "I am open to any suggestion that will improve domestic oil production and make better fuel available to people", said Naik.