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Niko can raise stake by 30 %, says RIL

NEW DELHI: A day after agreeing to sell 30 per cent interest in most of its oil and gas blocks to BP Plc, Reliance Industries said on Tuesday its partner Niko Resources of Canada can raise its stake by 30 per cent of its current holding. Niko holds 10 per cent stake in the Reliance's eastern offshore KG-D6 block and gas discovery block of NEC-25 off the Orissa coast. It also holds 15 per cent in Mahanadi basin block MN-D4. “As per the contractual provision, Niko can increase by 30 per cent of their current holdings,” Reliance said. — PTI

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