Tuesday, September 15, 2009

Sri Lanka, Reliance Industries in oil exploration talks

The Mukesh Ambani-led Reliance Industries is in talks with the Sri Lankan government for exploring oil in the island country.

The government is "in talks with Reliance for petroleum exploration", Sri Lanka's Minister of Investment Promotion Navin Dissanayake told reporters here Monday.

Reliance Industries has shown interest in some oil blocks in the Munnar and Southern basins, he said.

Cairn Energy's India unit has already invested around $400 million in a block in the Munnar fields.

"So, if Reliance is coming, it will be into that figure at least," said Dissanayake.

The minister will go to Mumbai to hold talks with Reliance Industries officials in this regard.

He added that Sri Lanka was also in talks with Mahindra group to set up a IT park at an investment of $70 to $100 million.

Besides, another major Indian industrial group, Aditya Birla Group, has sought to build a $50-million Carbon Black factory in the island country, Dissanayake added.
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