Reliance Industries in $1.7 billion JV with Atlas Energy

Indian petrochemicals company Reliance Industries finally seals a cross-border M&A deal, buying a 40% interest in a 300,000 acre natural gas field owned by Pennsylvania-based Atlas Energy Resources.

India's largest private-sector company Reliance Industries RIL will invest $1.7 billion in a joint venture with US firm Atlas Energy Resources that will develop a shale property to yield natural gas.

Reliance will pay $339 million in cash at closing and will fund $1.36 billion of capital costs, the drilling carry, to acquire a 40% interest in approximately 300,000 net acres 120,000 net to Reliance of undeveloped leasehold land held by Atlas. Atlas will retain the remaining 60% interest in...

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