Cabinet approves $7.2 bln RIL-BP deal

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The Cabinet has approved a $7.2 billion deal between Reliance Industries and BP, at a meeting chaired by Prime Minister Manmohan Singh.

Home, Finance and Petroleum Ministries have also backed the deal. The oil ministry had earlier recommended approval for the deal.

Reliance agreed in February to sell a stake in 23 of its oil and gas blocks, including some in the KG basin, to global oil & gas major BP, and is expected to benefit from BP's deepwater exploration expertise.