Date:21/04/2006 URL: http://www.thehindubusinessline.com/2006/04/21/stories/2006042104560900.htm

Back Chevron is Reliance Petro co-promoter

Our Bureau

Mumbai , April 20

Reliance Petroleum Ltd (RPL), in a notice to investors here on Thursday, said Chevron India Holdings Pte Ltd, Singapore, a wholly owned subsidiary of Chevron Corporation, would be its co-promoter.

In a notice to investors, the company said, "Subsequent to the signing of the Equity Investment Agreement and further discussions, Chevron has agreed to be one of the promoters of the company along with RIL."

The notice is a supplement to the section titled "Our Business" Page 58 of the Red Herring Prospectus and notice to investor dated April 12, that appeared subsequently in certain newspapers.

Pursuant to the equity investment agreement entered into between RPL, RIL and Chevron, RIL had agreed to sell 225,000,000 of RPL's equity shares representing 5 per cent of the company's post-issue outstanding equity share capital, to Chevron at a price of Rs 60 per share. There would be a locked-in period of three years from the date of allotment of equity shares in the public issue or date of commencement of commercial production, whichever is later.

Consequent to the transfer, the minimum promoters' contribution as per clause 4.1.1 of SEBI DIP Guidelines would be RIL - 15 per cent and Chevron - 5 per cent.