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19

India's Seeking Energy Overseas

India's Reliance Industries Limited is seeking for strategic partnership

India’s Reliance Industries Limited is seeking for strategic partnership with European companies.

In fact, the company has strategic cooperation agreement under way with Italian energy giant ENI.

ENI holds vast oil and gas reserves in Africa, the North Sea, the Gulf of Mexico, Caspian Sea, Australia, West Asia, Far East and India. ENI is very strong in North Africa and the Caspian Sea and is investing substantially in India and East Timor.

“Strategic interests of ENI may be complementary to those of Reliance,” a source close to Reliance said. RIL chairman Mukesh Ambani met Italy’s Prime Minister Romano Prodi during his recent visit to India and discussed his company’s desire to work closely with the ENI group besides the proposed engagement of Italian companies in the Reliance agro business.