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Anil Ambani’s RNRL wins Over Mukesh

June 22, 2007

In a landmark judgement handing over victory to anil Ambani, the High Court of Mumbai said, Reliance Industries (RIL) cannot sell the gas to any third party other than Anil Ambani’s Reliance Natural Resources (RNRL) and NTPC. In an interim order on a petition filed by RNRL, the high court has said that the 81.6 million cubic metres of gas per day (mmscmd) is to be earmarked for RNRL, NTPC or for RIL’s captive use for the next eight years to be pumped from Krishna Godavari basin.

Reports had suggested recently that RNRL had sent a legal notice to the petroleum ministry against the bids invited by Reliance Industries (RIL) for sale of gas and its proposal to enter into gas sales agreements. RNRL has claimed that this violates the interim stay order of the Bombay High Court. Rumors also say that Murli Deora, Petroleum Minister who was close to Sr. Ambani has sided with Mukesh Ambani.

RNRL is the gas trading company of the Anil Dhirubhai Ambani Group and the scrip is up 4.7% on NSE at Rs 35.60. Mukesh’s RIL is down 1.2% at Rs 1,712.

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