| Date: |
22-02-2011 |
| Subject: |
Biggest FDI Deals in India |
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BP Plc is making one of the biggest foreign direct investments (FDI) in India, with a $7.2 billion tie-up with Reliance Industries to explore for deepwater oil and gas.
BP will take a 30 percent stake in 23 oil and gas blocks and form a 50:50 joint venture with Reliance for the sourcing and marketing of gas, the companies said on Monday.
The companies said the future performance payments and the combined investment could amount to $20 billion in total.
India, one of the world's fastest growing major economies, needs foreign capital to boost infrastructure and sustain economic growth at its near-double-digit targets. Regulatory uncertainty and bureaucratic hurdles, however, have contributed to a slowdown in inbound investment.
In the fiscal year that ends in March, India is on track to bring in $27.6 billion in FDI inflows, down from $35.6 billion in the previous year, a senior official said on Monday.
Source : indianexpress.com
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