The Hindu Business Line : RNRL wins gas supply dispute with Reliance

MUMBAI: The Bombay High Court on Monday upheld Reliance Natural Resources Ltd’s (RNRL) position on the gas price in its dispute with Reliance Industries Ltd (RIL), and ordered that the Anil Ambani-led firm's dispute with Reliance Industries Ltd (RIL) ove r gas supply should be resolved in a month through a fresh “suitable arrangement”.

Under the fresh “suitable arrangement'' the price of gas that RIL has to supply to RNRL will have to be $2.34 per mmBtu, RNRL lawyer Mahesh Jethmalani said, adding that the quantity to be supplied would be 28 mmscmd (million cubic metres a day) and the t enure 17 years.

RIL lawyer Milind Sathe said that the Court today asked the two parties to enter into a new agreement “as per the Memorandum of Understanding (MoU)'' between the Ambani brothers prior to the splitting of the Reliance Group. The new agreement based on th ese parameters will have to be entered into within a month and until then, the interim order passed by the High Court earlier will continue, Jethmalani said.

The Government today said it is awaiting a copy of the order before it makes comments on the Bombay High Court verdict on the gas dispute between RIL and RNRL. “We are waiting for a copy of the order,'' Petroleum Secretary R S Pandey said.

At 1.10 pm, while RNRL jumped by Rs 18.70 or 21% at Rs 106.65, Reliance stock lost Rs 178 or 7.50 per cent at Rs 2,184 on the NSE. - PTI

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