India’s Reliance takes stake in gas network

Conglomerate Reliance Industries has reportedly acquired a 67 percent stake in Krishna Godavari Gas Network, which is taking part in a national program to improve the nation’s network of domestic gas pipes.

India powerhouse Reliance Industries is planning on snapping up a majority stake in state owned Krishna Godavari Gas Network.

According to a report in the Business Standard, the firm will buy a 67 percent stake in the firm which is involved in supplying a pipe network to carry domestic gas.  

The gas supply investment program is said to cost 1 trillion rupees ($21 billion).

Gujarat State Petroleum Corp, IDFC Private Equity and the Infrastructure Corp will be the other shareholders.