Anil Ambani welcomes government's fresh plea on gas row dispute with brother Mukesh

Posted By: Staff
Subscribe to Oneindia News

Mumbai, Sep 2 (ANI): Anil Ambani of Reliance Natural Resource Limited (RNRL) welcomed a fresh application filed by central government in the Supreme Court on a row over gas price with estranged elder brother Mukesh Ambani's Reliance Industries Limited (RIL).

Top Indian conglomerate Reliance Industries, headed by Mukesh Ambani, and Reliance Natural, led by Anil Ambani, have been fighting over terms of a gas-supply agreement struck when the Reliance empire was split in 2005.

The fresh application by the government said that the government's policies and contracts on production and gas pricing would prevail over any private arrangement.

"Reliance Natural Resource on behalf of its over 26 lakh shareholders is grateful to the Government of India for its neutral stand in proposing these amendments," Anil Ambani told reporters in Mumbai.

"With the filing of application, the role of government in Reliance Natural Resource-RIL matter remains limited only to interpretation of just two issues. Issue A - the gas utilisation policy and issue B - provisions of the Production Sharing Contract. This is exactly the same scope of intervention that was permitted to the government of India by the Bombay High Court," he added.

The latest tussle between the feuding brothers, which stems from the 2005 break-up of the Reliance empire built by their father, has raised concerns it could discourage investment in the sector as India scrambles to shore up its energy security.

In July, India's apex court said it would club all petitions and applications in the case together.

The Indian government had earlier made a petition to intervene in the case, arguing that the gas is 'state property' and that the private agreement between the Ambanis over the gas is not valid. (ANI)

Please Wait while comments are loading...