BP in $7.2bn deal with Reliance

BP has a sealed a $7.2bn deal with Reliance Industries, taking a 30% stake in the Indian energy firm.

The deal between the oil giant and Reliance, which controls vast natural gas blocks, marks the largest foreign investment in Indian energy, the Financial Times reports. The partnership, which comes shortly after BP's $16bn share swap with Russian state oil company Rosneft, also supports the rapid development of India's economy, the second-fastest growing economy in the world. Mukesh Ambani, owner of Reliance, believes BP's technical expertise would improve exploration for natural gas. One analyst told the Financial Times: "Reliance is a newcomer in this upstream business so it requ...