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India's Reliance eyes UK energy services firm
Oct 18, 2006, 7:10 GMT
New Delhi - India's petrochemicals giant Reliance Industries Ltd, (RIL) is in talks to acquire 2.5 billion-dollar British energy services company Wood Group (John) plc, a newspaper reported Wednesday.
'RIL's talks with the Wood Group are in line with the company's exploration and production plans, which now envisage doubling of production to almost 80 million metric standard cubic metres per day by 2008,' the Economic Times reported quoting unnamed sources.
Reliance executives, however, declined to comment on the development.
The Wood Group, is an international energy services company which provides oil and gas services in more than 30 countries worldwide.
It is engaged in deep-water engineering, offshore pipelines, enhancement of oil and gas production in mature fields and repair and overhaul of industrial gas turbines.
The Economic Times said RIL was keen on acquiring energy services and rig companies in Europe and was also holding talks with two to three companies.
RIL is India's largest private sector company on all major financial parameters with a turnover of 20 billion dollars and a cash profit of 3 billion dollars.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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