Business Daily from THE HINDU group of publications
Friday, Aug 28, 2009
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Business Daily from THE HINDU group of publications Friday, Aug 28, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Corporate Disputes
Mr P.M.S. Prasad Our Bureau New Delhi, Aug 27 Mukesh Ambani-led Reliance Industries on Thursday asserted it had conveyed to public sector power major, NTPC Ltd, that the gas price quoted by the company in the international competitive bidding was subject to Government approval under the production sharing contract (PSC). In a letter to the Petroleum Ministry, Mr P.M.S. Prasad, President & CEO, Petroleum Business, said that “RIL, having signed the PSC with the Government in April 2000, was well aware of the provisions of the PSC and the requirements relating to the approval of price by the Government prior to sale of gas, as stipulated in the PSC. This position had accordingly been conveyed by RIL to NTPC in no unambiguous terms.” RIL-NTPC litigationRIL has written to the Petroleum Ministry clarifying its position in the wake of reports stating that NTPC was not informed by RIL during the bidding process that the price was subject to Government approval. Meanwhile, the Anil Ambani Group has also written to the Petroleum Ministry seeking the Government’s intervention in the ongoing RIL-NTPC litigation. ADAG Group President, Mr A. N. Sethuraman, wrote that “we would request you (Petroleum Ministry), in the interest of having an uniform approach, to kindly consider becoming a party in the RIL-NTPC litigation, as it involves a Government-owned PSU, and concerns and exorbitant burden of additional Rs 30,000 crore that power consumers in the country may be called upon to bear, solely for the benefit of a private monopoly gas producer RIL.” Centre seeks to ring fence NTPC’s D6 gas claim NTPC move on gas row to hinge on Ministerial panel decision NTPC to get gas from Reliance at $4.2 More Stories on : Corporate Disputes | Petroleum | Reliance Industries Ltd | NTPC Ltd
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