NEWS: RIL spikes KG basin stake transfer plan.

from BUSINESS LINE, September 02, 2008 Mumbai, Sept. 1 - Reliance Industries Ltd (RIL) has spiked its plans to transfer a slice of its participating interest in the D-6 block of the Krishna-Godavari basin gas field to some of its unlisted subsidiaries.

Reliance, controlled by Mr Mukhesh Ambani, had made an application to the Government in April, seeking permission to "assign a part of our participating interest to our 100 per cent owned subsidiaries", in order to gain flexibility for raising finances for the project.

The company, in a statement on Monday, said, "Our projects are nearing completion and we have successfully raised the finance. So we do not wish …