Reliance Industries, the country's largest private sector company, has withdrawn the application it made to the central government to permit it to assign a part of its participating interest to its 100% subsidiaries.
In a statement to the Bombay Stock Exchange, the company said that the application was made in order to retain flexibility for raising finances for the project.
It added that the company's projects are nearing completion and the company has raised the finance successfully, “and so do not wish to pursue the application seeking approval to assign our participating interest to our 100% owned subsidiaries and have since withdrawn it.”
“We are in the process of implementing the projects of KG-D6. These are projects of vital national importance,” said the statement.
