Mukesh Ambani Looks To Sell Gas Pipeline Biz

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Mukesh Ambani is looking to sell Reliance Gas Transportation Infrastructure Ltd, a business that builds pipelines to carry natural gas across the country, the Wall Street Journal reported, citing people familiar with the matter.<br><br>Ambani, chairman of energy major Reliance Industries, has contacted bankers to help him sell the business and the process is at an early stage, the newspaper said.<br><br>Two people familiar with the matter said the privately-owned gas pipeline business could be worth around $1 billion, it said.<br><br>"We do not comment on market speculation," a Reliance spokesman told Reuters when asked about the report.<br><br>In May, India's upstream regulator said Reliance was producing 48 million standard cubic metres per day of gas from the the key D6 block of Krishna-Godavari basin.<br><br>In February, BP Plc agreed to buy a 30-percent stake in 23 oil and gas blocks owned by Reliance Industries, for $7.2 billion.<br><br>(Reuters)</p>