Anil Ambani-owned Reliance Natural Resources Limited today filed a caveat in the Supreme Court asking that no relief should be granted to Reliance Industries Limited of Mukesh Ambani Group without hearing the former in connection with the dispute between the two brothers.
The dispute is regarding the rate of supply of natural gas to Anil Ambani’s Dadri Power Project by RIL.
RIL is going to challenge the Bombay High Court’s judgment dated June 15 directing RIL to supply natural gas to RNRL at the rate of 2.34 dollar per million metric British thermal units for 17 years as per the MoU signed by the two brothers in presence of their mother Kokilaben, widow of late Dhirubhai Ambani, in June 2005 in the Supreme Court.
The MoU was altered and the government fixed the rate of supply of 28 million metrics standard cubic metres of gas at the rate of 4.2 dollar (Rs 201.60) per unit. This was challenged by Anil Ambani in the Bombay High Court in November 2006.
The main contention of RIL in the High Court was that the international price of gas is six dollar (Rs 288) per unit. If RIL is forced to supply gas to the Dadri Power Project from its Krishna-Godavari basin fields at the rate of 2.34 dollar (Rs 112.32) per unit, it will have to suffer a loss of about Rs 3800-4000 crore per year.
The High Court, however, rejected the contention of the Mukesh Ambani Group and allowed the petition of RNRL directing RIL to keep on supplying the gas at the rate of 2.34 dollar per unit as per the June 2005 MoU signed between the two companies.
The dispute between the two brothers has now reached the apex court with the Mukesh Ambani Group most likely to file the appeal against the High Court order in it latest by Monday next.
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