According to him, if the government so desired, it had ample leeway to even take over the gas assets. He also sought to bring to light what he called were questionable actions by the oil ministry ever since changes were made at its top level in 2006.

'For the record, I want to emphasise that the government does not stand to lose even a single rupee even if Reliance Industries sells the gas at lower than approved valuation price to any party,' he contended.

'If Reliance Industries gets a higher sale price from us based on the price of what the petroleum ministry wants to fix for the first few years, 99 percent of all revenues and profits will go to Reliance Industries,' he said.

'Only a measly 1 percent will accrue to government of India.'

Petroleum and Natural Gas Minister Murli Deora said he could not comment on the scathing accusations levelled against his ministry by Anil Ambani as the matter was sub-judice.

Anil Ambani said Reliance Industries, founded by his late father Dhirubhai Ambani, 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.'