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Rediff.com  » Business » RNRL gets stood up by RIL; no meeting on gas supply

RNRL gets stood up by RIL; no meeting on gas supply

Source: PTI
Last updated on: June 29, 2009 19:22 IST
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A top management team of Anil Ambani group firm RNRL got stood up by Reliance Industries officials, who neither responded nor turned up for a proposed meeting to follow up the Bombay high court order on gas supply.

The meeting was proposed by RNRL on June 25 in its third letter in this regard, sources said.

A four-member RNRL team reached the Trident Hotel in Mumbai at 11 am, but found it had turned up all by itself.

However, no official comments could be obtained from both RNRL and RIL.

The Bombay high court had on June 15 given the two companies a month's time to work out firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna-Godavari basin fields.

The court had also ruled that RIL should honour its commitment in the family split agreement to supply gas to RNRL.

The terms, as per the MoU which split the Dhirubhai Ambani empire in 2005, were to be based on RIL's bid for NTPC tender.

The price in NTPC tender was $2.34 per million British thermal unit, 44 per cent lower than Government approved rates of $4.20 per mmBtu.

RIL president and CEO (Oil and Gas) PMS Prasad had last week said: "We have time till July 15 to decide. . .we are still evaluating our options."

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