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/ Business News / 2009 / July 2009 / July 28, 2009 |
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Reliance Natural Resources chairman Anil Ambani on Tuesday blamed the Petroleum Ministry of maintaining a biased approach in the legal dispute with brother Mukesh Ambani-led Reliance Industries over the issue of the price of natural gas from the Krishna-Godavari basin.
Mumbai, July 28 : Reliance Natural Resources chairman Anil Ambani on Tuesday blamed the Petroleum Ministry of maintaining a biased approach in the legal dispute with brother Mukesh Ambani-led Reliance Industries over the issue of the price of natural gas from the Krishna-Godavari basin.
Anil, while addressing shareholders of the company, stated that the Government would not lose a single rupee even if the gas from the fields off the Andhra Pradesh coast were to be supplied to his company at the originally contracted price of 2.34 dollars per unit.
Anil informed shareholders that gas price was based on the prevailing global oil scenario and legitimately approved by the Reliance Industries board in 2005 and added that the gas price of 2.34 dollars per unit was not decided by two brothers on the dinner table
He alleged Reliance Industries was misusing its power as India's largest company and the near monopoly it enjoyed over natural gas production.
"It is unfortunate that Reliance Industries has tried every trick in the book, and apparently several outside the book, to back out of its solemn, legal and contractual agreement."
Last month, the Bombay High Court had asked Reliance Industries to supply 28 million units of gas to Reliance Natural Resources for 17 years at 2.34 dollars per unit, after assigning 12 million units to the state-run power utility NTPC.
Reliance Industries challenged the verdict in the Supreme Court, which heard the case July 20 and fixed Sep 1 as the next date of hearing.
ANI
