NEW DELHI: Energy major Reliance Industries Ltd was out of race for the Canadian firm Value Creation, which it had bid for $2 billion. BP Canada
RIL had expressed its desire to buy Calgary-based Value Creation, which holds oil sands assets. Value Creation’s subsidiary Technoeconomics is the owner of a technology that helps produce oil from sand and upgrade bitumen - a major feed stock for petroleum - at a relatively lower cost.
Value Creation Inc's largest block of leases, Terre de Grace, covers about 290 square miles in the Athabasca region of Alberta.
RIL had earlier failed in its attempt to take over bankrupt petrochemical major LyondellBassell. India’s largest private sector company, which is looking to expand its global footprint, has targeted loss-making companies.
RIL is sitting on cash and cash equivalent of Rs 15,960 crore and treasury stock worth Rs 35,000 crore.
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Market Watch: Nifty above 5175; Reliance, BPCL, Cairn lead
Src: ET and etc
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