The assets, currently operated by various affiliates of EQT Corp, will be sold for the cash consideration and warrants, that will allow for the purchase of 3.25 million common shares of NOG at an exercise price of $14 per common share over the next seven years, Reliance said.

In 2017 Reliance sold a shale oil and gas block in the Marcellus shale in northeastern and central Pennsylvania for $126 million.

Reliance, led by billionaire Mukesh Ambani, has been diversifying away from its mainstay energy arm to consumer-facing businesses in recent years.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta)