The Bombay High Court has asked Reliance Industries Ltd and Reliance Natural
Resources Ltd, led by the feuding Ambani brothers, Mukesh Ambani and his younger
brorther Anil Ambani, respectively, to renegotiate their gas pact and come up
with a "bankable" gas supply master agreement within four months.
the order, Justice A V Mohta said the existing gas supply master agreement between
RIL and RNRL is one-sided and favours elder brother Mukesh Ambani''s Reliance Industries.
court directed the companies to conduct negotiations as per the memorandum of
understanding (MoU) signed by the two brothers before the partition of the business
said the companies should come back to the court in four months'' time with a report
on the renegotiations.
court has also restrained Reliance Industries from selling gas during the interim
period of four months. The high court, in its order on June 20, had prevented
RIL from creating any third party interest in its gas from the D6 block in the
Krishna-Godavari basin as the peak production of 80 mcmd of gas is locked up with
NTPC, RNRL and for RIL''s captive use.
court had said NTPC would get first right to 12 million cubic metres per day (mcmd)
gas from the block, while RNRL would get the next right to 28 mcmd of gas.
Amabni-led Reliance Industries Limited (RIL) and Anil Ambani''s Reliance Natural
Resources Limited (RNRL) have been locked in a legal battle over terms of GSMA,
under which RIL is to supply gas from Krishna-Godavari fields to RNRL.
What is the RIL-RNRL court fight all about