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Reliance Industries to supply natural gas to ADAG plants: Mukesh Ambani | Reliance Industries Chairman and Managing Director Mukesh Ambani on Friday said his firm will supply natural gas to the Anil Dhirubhai Ambani Group's power plants as and when they are ready to receive it. Signaling a healing of the rift between him and his
brother Anil, Mukesh told he 36th shareholders meeting: " The RIL would supply gas to Anil
Ambani Group in accordance with government policy." "The supplies, including the one
proposed at Dadri near Delhi, will be subject to government approval, the allocation
of the fuel, he added. He also announced his group's foray into the power sector.
"Power business remains a natural extension of the energy portfolio and would
be the engine of its new growth," he added. Earlier, the Supreme Court had asked
the group's headed by the Ambani brothers to rework a gas supply contract keeping
the government policy on pricing and allocation in mind. Ambani, however, did
not say when Reliance Industries would be entering into a new Gas Sales and Purchase
Agreement (GSPA) with Anil's Reliance Natural Resources Ltd (RNRL) as had been
ordered by the apex court. On May 7, the court had turned down a proposed to provide
gas to theAnil-led RNRL from Reliance Industries Limited Krishna Godavari D-6
Basin at prices arrived at during a 2005 private family meeting and subsequent
agreement. Reliance Industries Limited had wanted to raise the price that was
agreed upon by a family agreement in 2005 after the brothers decided to split
the empire built by their father, Dhirubhai Ambani. In 2007, the government said
the agreed-upon rate of 2.34 dollars per unit was far too low. Reliance Industries
Limited said it had to raise his rates to 4.2 dollars per unit and follow the
government's orders, because it owns the gas, and that the Reliance Industries
was just a contractor. RNRL accused RIL of artificially inflating its costs and
decreasing its output to make super normal profits. |
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