With the Supreme Court verdict on the RIL-RNRL gas war going in favour of Reliance Industries chairman Mukesh Ambani, the shares of Anil Ambani group companies plummetted on the stock markets on Friday.
However, a broker who is very close to both the brothers said on condition of anonymity that all may not be lost for the younger Ambani, Anil.
He said that the Supreme Court has ordered that the two warring groups should renegotiate the deal within six weeks to arrive at a sale agreement within the framework of government policy. The court also said that the arrangement must not be suitable only for RIL, but also for shareholders of RNRL and it is RIL's obligation to look after it.
Herein lies the small window of opportunity for Anil Ambani, the broker said.
He said that "while renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders." He also said that the family agreement between the Ambanis -- when they split the Dhirubhai Ambani-founder Reliance empire -- also allows for such a deal.
Meanwhile, ADAG chairman Anil Ambani on Friday said his group had no immediate plans to seek review of the Supreme Court verdict that rejected cheap gas to group firm RNRL from Mukesh Ambani-led RIL.
"Reliance Natural Resources Ltd looks forward to expeditious and successful renegotiations with Reliance Industries Ltd within the stipulated period of six weeks to secure gas supply for the group's power plants in line with the Supreme Court order," Anil Ambani told reporters shortly after the judgement.
In the dispute, where RNRL sought gas at a concessional price of $2.34 per mmBtu as against the government approved $4.20 per mmBtu, the Supreme Court said the government has the last word on pricing and usage.
It also asked RIL and RNRL to renegotiate gas supply terms within six weeks.
"RNRL has currently no plans to file a review petition in the Supreme Court," Ambani said.
Anil Ambani, who left the court without taking any questions from reporters after the judgement was pronounced, said that the court has safeguarded the interests of 25 lakh (2.5 million) shareholders of RNRL by issuing guidelines for expeditious finalisation of gas supply agreement.
"By a majority judgement, the Supreme Court has upheld RNRL's case that the company petition filed by RNRL as maintainable and has upheld the powers of the court to modify the scheme and make it workable," he said.
Ambani said that the Apex Court has also acknowledged that the June 18, 2005 MoU was basis for the business reorganisation of RIL.
"The court has also directed that suitable arrangements for gas supply should not only be suitable to RIL but also the shareholders of RNRL, whose interests have to be fully protected," he said.
RNRL is seeking 28 mmscmd of gas from RIL's KG-D6 fields for group firm Reliance Power's proposed power plant in Dadri, Uttar Pradesh.
Image: ADAG chairman Anil Ambani coming out of the Supreme Court after the verdict on RIL-RNRL gas dispture was announced on Friday. Photograph: Reuters
Additional inputs: PTI
