Reliance Industries Ltd may divest stakes in few overseas exploration blocks, Executive Director of the company, P.M.S. Prasad said. The company has 14 blocks in its international exploration and production portfolio. The company has three blocks are in Peru, three blocks in Yemen, two each in Oman, Kurdistan and Colombia, and one each in East Timor and Australia. He said: "We have 80% to 90% participating interest (in overseas blocks), and we want to reduce it to 40% to 50%." Shares of the company rose 2.7%.

Reliance Industries Ltd (RIL) is about to announce a major overseas acquisition. A source close to the situation stated that if all goes according to plan, RIL may make an announcement before its annual general meeting on November 17. LyondellBasell Finance Co. Ltd is reported to be the likely target. One person familiar with the transaction said: "The intent is certainly to make an announcement on the day of the AGM or very close to it but that depends on how the talks progress." A senior banking source stated that a team of senior RIL officials are known to be in New York since September. The Economic Times reported that the people spoke on the condition of anonymity as the transaction had not yet been consummated. One banker stated that the transaction could be valued about $6 billion and may include both the US and the European assets of LyondellBassell. An external spokesperson of RIL said the company was evaluating global opportunities. He said: "Reliance Industries is reviewing a number of global opportunities for growth in its core business. The difficult operating environment of the past year has made available several interesting opportunities, where an investment by a strategic operator of industrial assets can add substantial value. The review is on and there can be no assurance that any approach will be made with respect to the opportunities under review or that any such approach will result in a transaction."

The Supreme Court began hearing afresh the dispute over gas from Krishna-Godavari basin, assigned to Reliance Industries Ltd., with the Anil Ambani Group once again accusing the oil ministry of colluding with the Mukesh Ambani firm. Reliance Industries, presented the synopsis of the case and arguments on behalf of his client before the bench, while also submitting a 25-page note detailing the entire genesis of the dispute. The dispute is being heard afresh after Justice recused from the case, saying his daughter works for a law firm in Bangalore that advised Reliance Industries on global acquisitions. The dispute is over the supply of 28 million units of natural gas for 17 years at $2.34 per unit to Anil Ambani-led Reliance Natural Resources from the natural gas fields, off the Andhra Pradesh coast, awarded for exploration and harnessing to Reliance Industries.