RIL to buy Hardys stake in oil fields

March 27 | Updated: Mar 28 2005, 05:35am hrs
Reliance Industries Ltd will buy Hardy Exploration & Production (I) Incs 10% stake in eight oil and gas exploration blocks, PTI reported, citing an unidentified company spokesman. Reliance already owns 90% of the oil and gas fields, the news agency said. Reliance, Indias biggest non-state company, and Hardy jointly won bids to explore oil and gas fields in the country.

The acquisition of the stake will allow Hardy to exit from the eight blocks that were awarded under the third round of Indias so-called New Exploration Licensing Policy.