RIL to buy 60% in US shale gas JV for $392 mn - Moneycontrol.com

Reliance Industries' (RIL) arm in the US, Reliance Marcellus II has signed definitive transaction agreements to enter into a Marcellus Shale joint venture with United States based Carrizo Oil & Gas.

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Under the proposed transaction, Reliance will acquire a 60% interest in Marcellus Shale acreage in Central and Northeast Pennsylvania that is currently held in a 50:50 joint venture between Carrizo and ACP II Marcellus LLC, an affiliate of Avista Capital Partners. Pursuant to the transaction, Reliance will acquire 100% of Avista's interest and 20% of Carrizo's interests in the joint venture. Upon completion of the transaction, Reliance and Carrizo will own 60% and 40% interests, respectively, in a newly formed joint venture between the companies.

RIL to buy 60% in US shale gas JV for $392 mn - Moneycontrol.com