The government is contemplating penal action against Reliance Industries (RIL) for committing 28 million standard cubic meters of gas per day (mmscmd) from its KG basin block to Reliance Natural Resources (RNRL) at a price of $2.34 per million British thermal units (mmBtu) as part of the Ambani family settlement without the permission of the government.
According to the Government, RIL is merely a contractor for the KG basin block (D-6) and not the owner. Two promoters (Mukesh Ambani and Anil Ambani) can’t divide a national property between themselves without the government’s approval.
The proposed penalty could come as a blessing in disguise for RIL, which would like to negate any contractual obligation on its part to supply gas to RNRL at a price of $2.34 per mmBtu, significantly lower than the government-set price of $4.20 per mmBtu at which RIL is selling gas to other users.
crackcrack| Company Name | CMP |
|---|---|
| Reliance Industries | 1350.15 |
| Indian Oil Corp. | 143.00 |
| BPCL | 299.35 |
| HPCL | 360.75 |
| MRPL | 174.55 |
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