Reliance aims to transfer 80 percent stake in block

India's Reliance Industries Ltd said on Tuesday it wanted to transfer an 80 percent stake in a gas-rich deepwater block to four fully-owned subsidiaries. Reliance owns 90 percent of the D-6 block in the Krishna Godavari basin off India's east coast, where huge gas discoveries have been made, while Canada's Niko Resources owns the rest.
"A proposal has been sent to the concerned government authorities and approval is awaited," Reliance spokesman Paresh Chaudhry said. Reliance plans to keep 10 percent of the block on its balance sheet.