State-owned oil exploration and production company Oil India Ltd (OIL) on Monday said it was keen to acquire a 51 per cent stake in the Mukesh Ambani-owned Reliance Gas Transportation Infrastructure Ltd (RGTIL).
“We have expressed interest for buying a 51 per cent stake in RGTIL,” Oil India director (finance) T K Ananth Kumar said. He said the company had not yet done a due diligence on RGTIL's valuation.
The country’s biggest gas marketer, GAIL India Ltd, is also interested in buying a stake in RGTIL. The stake sale is being managed by JPMorgan, Citigroup and SBI Caps.
Stating that Oil India had ambitions to diversify into the gas sector, Kumar said the financial bid would be made only after proper due diligence.
Kumar said Oil India was also in talks to buy a stake in Chesapeake Energy Corp's Mississippi Lime unconventional oil assets in Oklahoma, US.
Meanwhile. Oil India reported a 21 per cent drop in net profit at Rs 444.8 crore for the quarter ended March 31. Net sales for the quarter dropped 10.87 per cent to Rs 1,719.7 crore.
For the 2011-12 financial year, net profit rose 19.36 per cent to Rs 3,447 crore, while net sales grew 18.86 per cent to Rs 9,519 crore.
