RNRL gets stood up by RIL; no meeting on gas supply

A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries (RIL) officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay High Court order on gas supply.

The meeting was proposed by RNRL on June 25 in its third letter in this respect.

A four-member RNRL team reached the Trident Hotel here at 11 am, but found it had turned up all by itself. The Bombay High Court had on June 15 given the two companies a month’s time to work out firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna-Godavari basin fields. The court had also ruled that RIL should honour its commitment in the family split agreement to supply gas to RNRL.

The terms, according to the MoU which split the Dhirubhai Ambani empire in 2005, were to be based on RIL’s bid for NTPC tender. The price in NTPC tender was $2.34 per mBtu, 44 per cent lower than government-approved rates of $4.20 per mBtu.

RIL said: “We have not completed the analysis of the implications of the Judgment and the process of consultation with legal advisors. We will decide upon further steps after completion of this process."