Chevron of USA has picked up 5 per cent equity stake worth $300 million (around Rs.1,300 crore) in Reliance Petroleum. The two entities are on the verge of collaborating on a deal that would extend to areas like exploration, production, marketing, sourcing of crude, etc.

This is the first ever foreign direct investment in India's petroleum refining sector since the past three decades, according to reports.

Chevron has the right to scale up the investment to 29 per cent, implying additional inflows of $2 billion. This would be the highest standalone case of FDI in India.

IPO: RPL's initial public offering of equity shares opens today (13 April 2006). The issue will comprise 135 crore shares priced between Rs.57 and Rs.62 per share, to raise around Rs.8,370 crore. Out of the total shares offered, Reliance Industries will subscribe to 90 crore shares, while the remaining will be offered to the public.

Also See:

Reliance Petroleum privately places Rs.2,700 crore equity (27-Mar-06)

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