The Hindu Business Line : Anil Ambani group questions gas deal

The deviations in the supply pact will substantially and adversely impact the value for Reliance Natural Resources Ltd shareholders, according to the statement.

Mumbai , Feb. 4

THE Anil Ambani-controlled Reliance Group today questioned the terms of the gas supply agreement signed between Reliance Industries Ltd (RIL) and Reliance Natural Resources Ltd (RNRL).

A statement issued by Mr J.P. Chalasani, Director, RNRL, said the gas supply agreement contains significant deviations, such as term of the agreement, scope of gas block etc from the agreed position at the time of the de-merger of the group.

"These deviations would substantially and adversely impact the value for 2.3 million RNRL shareholders." The statement said

According to the statement, the management of RNRL is still controlled by RIL. As per the original demerger agreement, RIL was supposed to transfer the ownership of RNRL to the Anil Ambani group (Anil Dhirubhai Ambani Group — Reliance - ADAG), by January 25.

This has not been done till date. And the gas agreement has been signed on January 12 with the approval of only RIL nominees on the RNRL board. This means, the agreement is not signed with the approval of the Anil Ambani Group.

"Once the Reliance - ADAG gets control and management of RNRL, steps will be taken to have the Agreement executed as above suitably amended, so as to bring it in line with the agreed position and to ensure full value for RNRL shareholders," the statement said.

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