Mukesh looks forward to harmonious ties with ADAG

Written by: Samyuktha
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Mumbai, Jun 18: In his first ever address after the Supreme Court verdict on the KG basin gas pricing dispute, Mukesh Ambani, Chairman of Reliance Industries Ltd (RIL), said that his firm will supply natural gas to Anil Ambani Group"s power plants as and when they are ready to receive the gas.

"With the legal dispute behind us, we look forward to harmonious and constructive relationship with ADAG," Ambani said while addressing company shareholders at the Annual General Meet (AGM) on Friday, Jun 18.

While Mukesh Ambani tried to reach out to his brother, Anil Ambani, who was expected to be present at the meet, did not show up.

Mukesh Ambani, who has remained tight lipped for four-years during the legal battle with his brother, said that the May 2010 Supreme Court verdict came in line with the company"s stand that the pricing and allocation of gas produced from RIL"s eastern offshore KG-D6 fields is left to the government.

While Anil Ambani had argued that the pricing should be in accordance with the family MoU signed in 2005, Mukesh Ambani held that gas supply to Anil Ambani group would be as per the government policy. The legal battle ended with the apex court verdict, which came in favour of Mukesh Ambani.

The 53-year-old industrialist informed that the gas supplies to Anil Ambani Group"s power plants, including the one proposed at Dadri near Delhi, will be subject to the government approving the allocation of the fuel.

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