RIL denies reports on KG basin assignment

Mumbai, Sep 1: Reliance Industries Limited (RIL) on Monday, September 1 said it has withdrawn the request made to the Union Government to assign a part of its participating interest to its 100 per cent owned subsidiaries. RIL in a release here termed media reports 'suggesting that the proposed assignment was to entities, which are partly-owned by two top RIL executives, are completely inaccurate, misleading and mischievous''.

RIL said it was in the process of implementing the projects of KG-D6, which were of vital national importance and to retain flexibility for raising finances for the project, it had made an application to the Government of India to assign a part of the participating interest to its 100 per cent owned subsidiaries.

However, as the projects are nearing completion and since the company had successfully raised the finance, it did not wish to pursue the application seeking approval to assign participating interest to the comany's 100 per cent owned subsidiaries and have since withdrawn it, the release said.

UNI