Mumbai: The Indian government has approved Reliance Industries' USD 1.53 billion investment plan for developing four satellite fields in its D6 gas block off India's east coast,  two newspapers reported on Wednesday.   

The investment plan, which will help boost falling output of the gas field in the Krishna Godavari (KG) basin, has been pending with the authorities for two years, as reported.

A Reliance spokesman in Mumbai could not immediately be reached for a comment.   

The four satellite fields can produce 10 million cubic metres of gas per day by 2016, which will help shore up output from the D6 block that has seen a 35 percent drop in production in the past 15 months, the reports said.   

Reliance's shares fell 35 percent in 2011, underperforming the broader index, on investor worries about declining output at the key gas field.   

Last year, Reliance tied up with BP to further develop the D6 block, where output is lagging targets, and the British company has said production from the field could rise from 2014.

(Agencies)