India has agreed to Reliance Industries proposed asset sale to BP, The Wall Street Journal reports. Mukesh Ambani-led Reliance is looking to sell its 30% stake in 23 oil and gas blocks to BP for $7.2 billion.

As a part of the approved proposal, BP and Reliance will also set up an equally owned joint venture for the sourcing and marketing of natural gas in the country. The size of the deal may increase to $20 billion, depending on future performance payments.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from The Asian Age.