Oil India in talks to buy out Reliance Gas Transportation Infrastructure

NEW DELHI: State-run Oil India said it is in talks to buy a controlling stake in Mukesh Ambani's privately held company Reliance Gas Transportation Infrastructure ( RGTIL).

"We have expressed interest for buying 51% stake in RGTIL," Oil India director-finance TK Ananth Kumar told reporters after announcing company's financial results for 2011-12, which grew by 19% at 3,447 crore.

Kumar said Oil India had submitted an expression of interest but would take a final call later "after an elaborate due diligence." JPMorgan, Citi and SBI Caps are managing the stake sale.

Another state-run company, Gail India is also keen to pick up a stake in RGTIL, which currently operates the $3.75-billion East-West gas pipeline that can take gas from Kakinada, the landfall point of Reliance Industries' D6 block in the Krishna-Godavari basin. ET first reported it on May 11.