Reliance Industries Ltd., India’s largest company by market capitalization, said Tuesday that it discovered oil at Cambay Basin, off the country’s west coast.

Reliance Group struck oil at the CB-ONN-2003/1 Block, encountering a flow of 500 barrels a day, it said in a statement to the Bombay Stock Exchange.

Reliance said it is analyzing the “commerciality” of the of the discovery. Mukesh Ambani led-Reliance Industries holds a 100% participating interest in the block.

Source: Reliance