RNRL to offer 20% in CBM blocks
Reliance Natural Resources (RNRL), an Anil Dhirubhai Ambani Group (ADAG) company, is planning to rope in a strategic investor in its coal bed methane (CBM) business, offering up to 20% stake in the CBM blocks.
The company has four CBM blocks, holding one of the largest acreages of coal gas in the country. RNRL had picked up these blocks in association with Geopetrol, which has 10% stake in the blocks.
Sources close to the development said that RNRL has two options for getting a strategic partner. It could either rope in private equity firms, which have, of late, shown considerable interest in India’s energy story or a global CBM player who will bring in upstream expertise.
RNRL, which has interests in a number of energy-related business, including fuel management, has a market cap of about Rs 12,000 crore. RNRL plans to unlock some of this value by offloading a stake in the block at a significant premium.
