New Delhi: Reliance-Ani Dhirubhai Ambani Group (R-ADAG) chairman Anil Ambani Friday said he accepted the Supreme Court verdict that rejected cheap gas to group firm RNRL from Mukesh Ambani-led RIL, and ruled out filing review petition against the judgement.
“We respect the judgement of the Supreme; we note that SC has safeguarded interest of over 25 lakh RNRL shareholders by giving guidelines for gas supply agreement,” Anil Ambani said in a conference call hours after the apex court delivered its verdict over the four-year long gas row between the billionaire brothers.
"RNRL looks forward to an expeditious and successful renegotiation with RIL within the stipulated period of six weeks to secure gas supply for the group's power plants in line with the Supreme Court order," Ambani said.
In the dispute, where RNRL sought gas at a concessional price of USD 2.34 per mmBtu as against the government approved USD 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 the court has safeguarded the interests of 25 lakh 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 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.
Anil Ambani further said Reliance Power, a R-ADAG company, is committed to emerging as the largest power producer in the country.
With agency inputs
First Published: Friday, May 07, 2010, 15:45