Mumbai: Reliance Industries Ltd (RIL) on December 29 issued a strong rebuttal to a media report that claimed the Indian government was seeking $30 billion from Reliance and its partner BP for alleged underproduction from the KG-D6 gas block. Terming the report “inappropriate and irresponsible”, the Mukesh Ambani-led company said there is no such claim against the consortium.
In a media statement filed with stock exchanges, Reliance clarified that the claim made by the Government of India in relation to the KG-D6 block is of the order of $247 million, not $30 billion as reported. The company added that this amount has been “appropriately and consistently disclosed” in its annual audited financial statements in line with disclosure norms.
Reliance further noted that the issues referred to in the report are sub judice and will be decided by the judicial system in accordance with Indian law. The company said it has full faith in the legal process and emphasised that both Reliance and BP have complied with all contractual and legal obligations.
“The publication of a report such as this based on unnamed and unidentified sources is inappropriate and irresponsible,” the company said, taking strong exception to what it described as a mischaracterisation of facts surrounding the long-running KG-D6 dispute.
The clarification was communicated to the BSE and NSE as well as overseas exchanges where Reliance securities are listed, including the Luxembourg Stock Exchange and the Singapore Exchange.