BT-Ernst and Young deal watch
Reliance Industries Ltd (RIL) continues its ambitious foray into shale gas exploration. RIL subsidiary Reliance Marcellus II LLC has now inked a joint venture with US-based Carrizo Oil & Gas. It will acquire a 60 per cent stake in the Marcellus Shale Acreage in central and north-east Pennsylvania for Rs 1,805 crore ($392 million). This is the third shale gas acquisition by RIL in the US since April 2010.
This deal will give RIL access to approximately 62,600 acres of undeveloped leasehold in the core area of Marcellus Shale, with an expected resource potential of two trillion cubic feet equivalent. RIL is also likely to acquire advanced technological capabilities for operating these assets and leverage these skills to capitalise on the potential of shale gas exploration in India.
| TARGET | ACQUIRER | INDUSTRY | TYPE | DEAL VALUE (Rs crore) | STAKE (%) |
| Marcellus Shale Natural Gas Acreage | Reliance Industries | Oil & Gas | Acquisition | 1,805 | 60 |
| Viom Networks | Macquarie SBI Infrastructure Fund | Telecom | Private Equity | 1,400 | 11 |
| Moser Baer Projects | Blackstone Group | Infrastructure | Private Equity | 1,350 | NA |
| Religare Enterprises | RHC Finance | Financial Services | Private Equity | 1,277 | 20 |
| Lodha Developers | HDFC Venture Funds | Real Estate, Hospitality and Construction | Private Equity | 500 | 10 |
| Nandi Infrastructure Corridor Enterprise | JP Morgan Private Equity Fund | Infrastructure | Private Equity | 500 | 10 |
| Sadbhav Infrastructure Projects | Norwest Venture Partners, The Xander Group | Infrastructure | Private Equity | 400 | NA |
| Telecom Seychelles | Bharti Airtel | Telecom | Acquisition | 290 | 100 |
| Ernst & Young is a leading M&A advisor in India. The data is based on media reports and company announcements. Any decision on the basis of this information should be taken only after professional advice. Business Today or E&Y do not undertake any responsibility with regard to any such decision. As on August 30, 2010. Not a complete list. | |||||
