An international arbitration tribunal has rejected Indian government's claim of USD 1.55 billion against Reliance Industries and its partners for allegedly syphoning gas from deposits they had no right to exploit.
The three member panel by a majority of 2-1 also awarded USD 8.3 million compensation to the three partners, Reliance said in a regulatory filing. ?
All the contentions of the Consortium have been upheld by the majority with a finding that the Consortium was entitled to produce all gas from its contract area and all claims made by the Government of India have been rejected, it said adding the Consortium is not liable to pay any amount to the Government of India.?
"The Tribunal also awarded costs of USD 8.3 million (Rs. 56.44 crore) to be paid by the Government of India to the Consortium," reliance said. ?
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