Fin Min gives nod to $7.2 bn RIL-BP deal

The $7.2 billion deal betw­e­en Reliance Industries and Britain's BP Plc, of which India's largest gas field KG-D6 is one, received approval from the Finance Ministry. It is lea­r­nt that the deal does not req­ui­re CCEA nod. The Oil Ministry had unequivocally supp­orted BP's deal to buy stakes in RIL. The deal includes BP's purchase of 30 per cent stake in Reliance's 23 blocks. BP, Europe's second-largest oil company, is hoping to help Reliance Industries find more oil and gas and boost out­put at the showpiece KG-D6 fields. The Nifty July futures cl­osed above crucial res­istance at 5,680 on account of positive outlook for the Indian market, after the government gave its consent to the BP-Reliance deal.