RIL studying options for next actions after HC order

More than a week after the Bombay High Court asked it to supply gas to Anil Ambani Group firm RNRL at prices lower than the government-approved rates, Reliance Industries today said it is still evaluating options for future course of action.

RIL President and CEO (Oil and Gas) PMS Prasad, who met Petroleum Ministry officials to discuss under capacity production from the company's KG basin fields, said: "We have time till July 15 to decide... We are still evaluating our options."

He refused to discuss anything further saying: "I am off the press. I cannot comment anything."

The Bombay High Court on June 15 ruled that RIL should honour its commitment in the family split agreement to supply gas to RNRL. The terms, as per 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 million British thermal unit, 44 per cent lower than Government approved rates of $4.20 per mmBtu.

The Bombay High Court 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.

Pressed for a reply on if RIL would approach Supreme Court against the court order, Prasad said: "I do not know."