12th Aug 2020 17:27
(Alliance News) - Oil major Royal Dutch Shell PLC is planning to acquire a 50% stake in an Indian petrochemical project being developed by Naraya Energy Ltd, Reuters reported on Wednesday.
Citing people familiar with the matter, Reuters said Shell plans to buy a stake in the Maharashtra-based firm's asset in order to boost its footprint in India. The petrochemical project could be worth up to USD9 billion, Reuters noted.
Naraya Energy is part-owned by Russian oil giant PJSC Rosneft Oil Co.
https://uk.reuters.com/article/us-shell-nayara-india-exclusive/exclusive-shell-eyes-stake-in-nayaras-9-billion-indian-petchem-project-source-says-idUKKCN25822N
Shell's A shares closed 2.4% higher at 1,249.80 pence each in London on Wednesday.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
RDSA.L