New Delhi, May 7 (ANI): Reliance Natural Resources Limited (RNRL) chief Anil Ambani onm Friday said he will not challenge the Supreme Court verdict delivered on Friday that gave his brother, Mukesh's Reliance Industries Limited (RIL), the advantage in the Krishna Godavari Basin Gas row.
"We respect the judgment of the Supreme; we note that SC has safeguarded interest of over 25 lakh RNRL shareholders by giving guidelines for gas supply agreement," Anil said.
"We have no plan to file a review petition in the Supreme Court... We are looking forward to successful renegotiation with RIL (Reliance Industries) within six weeks in line with verdict," he added.
The Supreme Court has said the RIL cannot supply gas to the RNRL and its power plants at 234 dollars per unit which is what the brothers had agreed to in a private agreement in 2005.
The RIL has since challenged the price, arguing that it should be allowed to charge more, because the government has asked for higher prices.he court held that gas belongs entirely to the government and it alone has the right to decide gas prices.
The court ordered Mukesh and Anil to renegotiate their contract in six weeks.
Anil maintained that he was rather looking forward to successful re-negotiation with RIL over the next 6 weeks as directed by the SC.
Aiming to arrest the fall of the ADAG stocks in the market, Anil maintained that the Court had safeguarded the interest of 2.5 million RNRL shareholders.
The stock is trading down by 20 percent ever since the verdict came in. (ANI)