Reliance Industries Ltd (RIL) is looking to sell its 70 percent stake in Cambay Basin to Sun Petrochemicals for an undisclosed amount, reported Mint.

The application for assignment has been submitted to the Government of India for approval, RIL said in a presentation to analysts on Friday.

Reliance has a 70 percent participating interest in the oil and gas block CB-ONN-2003/1 (also called CB-10) while BP India holds the remaining, the report said.

The sale would mean that the RIL’s control over the block will now be limited to only four blocks in the area, the report said.

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