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Reliance gas price was not fixed at dinner table: Anil Ambani

Category :India Sub Category :National,Business
2009-07-28 00:00:00
   Views : 365

Reliance gas price was not fixed at dinner table: Anil Ambani

Mumbai, July 28 - Reliance Natural Resources chairman Anil Ambani Tuesday accused the petroleum ministry of being biased in the legal dispute with brother Mukesh Ambani-led Reliance Industries over the price of natural gas from the Krishna-Godavari basin.

Addressing shareholders of the company, he also said 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 per unit.

'The gas price of $2.34 per unit was not decided by two brothers on the dinner table,' Anil Ambani said, adding the price was based on the prevailing global oil scenario and legitimately approved by the Reliance Industries board in 2005.

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 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. It also asked all the parties to file their replies on the government position on the matter by then.

Anil Ambani said his Reliance Natural Resources was not claiming ownership of the gas assets as was being made out by the petroleum ministry but only staking the legitimate claim over the supplies, based on a corporate agreement.




Author :Indo Asian News Service



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