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  • RIL closes its recently announced sale of its midstream business in the Eagle Ford to Entreprise Products Partners
    édité le 20/07/2015 - Plus de news de "Reliance" - Voir la fiche entreprise de "Reliance"

RIL closes its recently announced sale of its midstream business in the Eagle  Ford to Entreprise Products Partners
Reliance Holding USA, Inc, (“Reliance”), a subsidiary of Reliance Industries Limited (“RIL”) has announced the closing of the recently announced sale of its interest in EFS Midstream LLC (“EFS”) to an affiliate of Enterprise Products Partners L.P. In a joint transaction announced on May 31, 2015, Reliance and Pioneer Natural Resources Company agreed to sell their respective ownership interests (of 49.9% and 50.1%) in EFS to an affiliate of Enterprise Product Partners L.P. for an aggregate consideration of $2,150 million.

The transaction closed today with the effective date for the transaction being July 1, 2015.

Under the terms of the definitive agreements, Reliance received gross cash consideration of $574 million towards the first tranche of sale proceeds. Following retirement of debt at EFS level and other adjustments customary for similar transactions, Reliance received net proceeds of $528 million at the closing today.

The final tranche of payment of $499 million in cash is expected to be received on or before the first anniversary of the closing date.

About Reliance Industries Limited (RIL)

Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated turnover of ÌNR 3,88,494 crore (US$ 62.2 billion), cash profit of INR 36,291 crore (US$ 5.8 billion) and net profit of INR 23,566 crore (US$ 3.8 billion) for the year ended March 31, 2015.

RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ and continues to be featured for the 11th consecutive year, currently ranking 114th in terms of revenues and 155th in terms of profits. RIL ranks 194th in the Financial Times’ FT Global 500 2014 list of the world’s largest companies. As per Newsweek’s Green Rankings 2014, RIL is India’s greenest and most environment-friendly company, ranking 185th among the world’s largest 500 companies.

Origine : Communiqué Reliance

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