Adag & Ril Awaiting Conclusion Of The Reliance Saga

The RIL RNRL Gas Dispute as it came to be known is yet awaiting its final conclusion which will be the judgment from the Supreme Court of India

. The dispute stemmed when ADAG controlled RNRL demanded a supply of gas from the D6 block in the Krishna-Godavari eastern offshore fields of the Mukesh Ambani-controlled (Reliance Industries) RIL at $2.34 (Rs. 112) per MMBTU (Million Metric British Thermal Units). RIL rejected the demand on the grounds that the Government approved rate is $4.2 (Rs. 201) per MMBTU.

RIL has appealed in the Supreme Court and the three-member bench of Chief Justice K.G. Balakrishnan, Justice B. Sudershan Reddy and Justice P. Sathasivam reserved its verdict on the gas supply dispute between ADAGs Reliance Natural Resources Ltd (RNRL) and Reliance Industries Ltd (RIL) in Dec 2009. The bench heard the dispute over the supply of 28 million units of gas for 17 years at USD 2.34 per unit to the Anil Ambani-headed RNRL from the gas fields of Krishna-Godavari basin, awarded to Mukesh Ambani's RIL.

It has been over two months since the Reliance matter was last heard. The hearing saw several high profile lawyers and senior counsels arguing in the Supreme Court. Harish Salve, representing RIL, Additional Solicitor General Mohan Parasaran representing the Government and Ram Jethmalani and Mukul Rohatgi representing RNRL, were locked in heated arguments till the conclusion of the hearing. Solicitor General, Gopal Subramaniam filed an affidavit on behalf of the Government.

Through the course of this dispute we have seen both ADAG and RIL move the Supreme Court challenging two separate decisions of the Bombay High Court, a malicious ad campaign by Anil Ambani controlled ADAG and altercation of ADAG with government officials like Petroleum Minisiter, Murli Deora. This case has brought into the public eye several details and some discrepancies in the Production Sharing Contract, Gas Utilisation Policy and Gas Pricing policies of the country. The country is waiting with bated breath along with RIL and ADAG for the SC verdict which is expected by mid 2010.

by: Rajiv Patel

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