Reliance Targets Canadian Acquisitions

Aiming to take advantage of the attractive valuations of oil and natural gas companies, Reliance Industries Ltd reportedly plans to use its record cash reserves to target opportunities in Canada.

“Reliance has a strong balance sheet and sustained earning base to pursue (overseas) growth  opportunities,” Chairman Mukesh Ambani said on the weekend, after the refiner and explorer reported that the sale of a 30 percent stake in 21 oil and gas field to BP Plc helped boost cash to $12.6 billion.

Reliance, and China's PetroChina Co. and Cnooc Ltd. have been touted as amongst Asian companies likely to spend $150 billion over the next five years on assets to secure energy supplies for the region’s growing economies, according to Sanford C. Bernstein & Co in a report on Monday.