RIL will supply natural gas to ADAG power companies: Mukesh Ambani
18 Jun 2010
Billionaire Mukesh Ambani today said his firm Reliance Industries will supply natural gas to ADAG group power plants as and when they were ready to receive the gas.
In an address to company shareholders, Ambani said the apex court in its judgment had upheld RIL's stand that the government had a major say in pricing and allocation of gas from the KG-D6 fields and the company would supply gas to Anil Ambani group in accordance with government policy.
Ambani said, "With the legal dispute behind us, we look forward to harmonious and constructive relationship with ADAG." Anil, as indiacted earlier, abstained from attending the meeting.
Mukesh Ambani added that the supplies to Anil Ambani Group's power plants including that proposed at Dadri near Delhi would be subject to government approval of the allocation of the fuel.
The Supreme Court had in its judgment last month, asked the companies to renegotiate a gas supply agreement keeping the government policy on pricing and allocation in mind.
Mukesh, however, did not offer any time line for entering into a new Gas Sales and Purchase Agreement (GSPA) with Anil's Reliance Natural Resources Ltd (RNRL) as had been ordered by the apex court.
