RNRL wins legal tussle over gas supply

MUMBAI - Anil Ambani’s Reliance Natural Resources Ltd (RNRL) will get assured gas supply of 28 million metric standard cubic metre per day (mmscmd) from the Krishna-Godavari basin for 17 years, the Bombay High Court ruled Monday.

The court has also fixed the price at $2.34 per million British thermal unit (mmbtu).

RNRL had approached the court against Mukesh Ambani’s Reliance Industries Ltd (RIL) that had refused to give gas at $2.34 per mmbtu from the Krishna-Godavari basin.

The court has directed RIL to arrive at an arrangement along these lines within a month.

It has also said the Ambani brothers may consult their mother if there is any difficulty at arriving at a conclusion.

At 11.15 a.m., shares of RNRL were up 20 percent at Rs.105 while RIL shares fell 4 percent to Rs.2,258.


Leave a Reply

Protected by Comment Guard Pro