India's Adani Group, Welspun Look to Acquire Shale Assets in US

Indian private sector firms Adani Group and Welspun are looking to acquire liquid-rich shale and oil sands assets in the US and Canada, according to a report by Times of India newspaper.

The two companies have a strategic partnership for oil and gas business and together own conventional hydrocarbon blocks in India, Thailand and Egypt.

The duo now plans to invest $1.5 billion towards stake purchases in select Louisiana and Texas shale fields in the US and some Alberta oil sands projects in Canada as they bet big on unconventional resources, said Times of India.

Unlike their earlier strategy where the joint venture firm, in which Adani owns majority shares, bought exploratory blocks and then had to discover oil, this time around the plan is to buy interest in oil-producing assets, the newspaper added.