Zeebiz BureauNew Delhi: Reliance Industries on Wednesday rejected charges of receiving favours from government for its KG-D6 gas project, saying allegations by India Against Corruption (IAC) were at the "behest of vested interests".
"The statements made by IAC... Are devoid of any truth or substance whatsoever and are denied," the company said in a statement.
KG-D6 fields, India's first deep-sea project that was developed in a record six-years time, "has added great economic value to the country and by all accounts is a project of which India can be justly proud", RIL said.
India Against Corruption brought Reliance Industries Chairman Mukesh Ambani in its line of fire alleging that the UPA and the previous NDA governments had favoured his company by giving contract on gas exploration in KG Basin and concessions at a huge cost to the exchequer.
Calling it a "classic case of crony capitalism", activists Arvind Kejriwal and Prashant Bhushan alleged that Reliance was "blackmailing" the government to increase the price of gas by "almost stopping" the production and indulging in "hoarding like petty traders".
"The deep-water exploration project in the KG-D6 basin has deployed the best technical resources and has been recognised by the oil and gas industry as one of the very best in its class," RIL said.
"Irresponsible allegations made by IAC at the behest of vested interests without basic understanding of the complexities of a project of this nature do not merit a response," it added.
With PTI Inputs
First Published: Wednesday, October 31, 2012, 20:17