RNRL wins legal tussle over gas supply

June 15th, 2009 - 1:57 pm ICT by IANS  

Mumbai, June 15 (IANS) Anil Ambani’s Reliance Natural Resources Ltd (RNRL) will get assured gas supply of 28 million metric standard cubic metre per day (mmscmd) from the Krishna-Godavari basin for 17 years, the Bombay High Court ruled Monday.
The court has also fixed the price at $2.34 per million British thermal unit (mmbtu).

RNRL had approached the court against Mukesh Ambani’s Reliance Industries Ltd (RIL) that had refused to give gas at $2.34 per mmbtu from the Krishna-Godavari basin.

The court has directed RIL to arrive at an arrangement along these lines within a month.

It has also said the Ambani brothers may consult their mother if there is any difficulty at arriving at a conclusion.

At 11.15 a.m., shares of RNRL were up 20 percent at Rs.105 while RIL shares fell 4 percent to Rs.2,258.

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