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Published on: 9/29/2008
Last Visited: 10/2/2008
The Annual General Meeting of Reliance Natural Resources Ltd saw its share of high drama when the Chairman, Mr. Anil Ambani, told his shareholders that his company had tried to negotiate with Reliance Industries on the gas supply dispute, but that all its efforts were thwarted.
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Anil Ambani told shareholders that RIL has been effectively restrained by a Bombay High Court order from selling gas from the KG Basin to third parties (other than to NTPC and RNRL).He reminded his shareholders about the basics of the dispute at the core of which lies the contracted price of gas from RIL to RNRL and NTPC at $ 2.35 mmbtu.He said according to the RIL RNRL agreement, RNRL had the right to buy 40 per cent of the gas from all existing and new gas discoveries made by Reliance Industries Ltd.
External Affairs Minister Pranab Mukherjee, who is the chairman of the Empowered Group of Ministers on Natural Gas, is being prodded by Samajwadi Party general secretary and Lok Sabha MP Amar Singhto expeditiously approve the supply of natural gas by Reliance Industries Ltd (RIL) to National Thermal Power Corporation Ltd (NTPC) at the price of $2.34/mmbtu , which he asserted was discovered through a transparent and competitive bidding process.