RIL denies allegations by IAC

"The statements made by IAC... Are devoid of any truth or substance whatsoever and are denied," the company said in a statement.

KG-D6 fields, India's first deep-sea project that was developed in a record six-years time, "has added great economic value to the country and by all accounts is a project of which India can be justly proud", RIL said.

IAC today alleged that the present UPA and the previous NDA governments had favoured RIL by giving contract on gas exploration in K-G Basin and concessions at a huge cost to the exchequer.

"The deep-water exploration project in the KG-D6 basin has deployed the best technical resources and has been recognised by the oil and gas industry as one of the very best in its class," it said.

"Irresponsible allegations made by IAC at the behest of vested interests without basic understanding of the complexities of a project of this nature do not merit a response," it added.