RNRL chief Anil Ambani meets Prime Minister

New Delhi, May 12 (ANI): Reliance Natural Resources Limited (RNRL) chief Anil Ambani met Prime Minister Dr Manmohan Singh at his official residence on Wednesday morning and reportedly expressed his views on the Supreme Court's verdict on the Krishna Godavari Basin Gas row.

Before his meeting with Dr Singh that lasted for an hour, Ambani also met the Prime Minister's Principal Secretary, TKA Nair, for about ten minutes.

He is also expected to meet Power Secretary P Uma Shankar and Power Minister Sushil Kumar Shinde later in the day.

Earlier on May 7, Ambani had said that he would not challenge the verdict of the apex court that that gave his brother, Mukesh's Reliance Industries Limited (RIL), the advantage in the Krishna Godavari Basin Gas row.

Delivering a judgement on the Krishna Godavari Basin Gas row between Anil Ambani's RNRL and Mukesh Ambani's RIL, a three judge bench of the apex court, consisting former Chief Justice K G Balakrishnan, Justices P Sathasivam and B Sudershan Reddy said only the government can decide rates of these resources.

Quashing the family formula evolved by Kokilaben Ambani to solve the long drawn out dispute between her two sons, Anil and Mukesh, over sharing of gas, the court asked both to solve the matter through renegotiations within six weeks.

The apex court had 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.

The court held that gas belongs entirely to the government and it alone has the right to decide gas prices. nil maintained that he was rather looking forward to successful re-negotiation with RIL over the next 6 weeks as directed by the court.

Aiming to arrest the fall of the Anil Dhirubhai Ambani Group (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)