The government told the Bombay high court on Friday that the empowered group of ministers decided that Mukesh Ambani-led RIL will start supplying gas from the KG basin to Anil Ambani's Dadri power project and other upcoming power plants once it is ready to begin operations.
He said both countries are opening new areas of cooperation in the energy sector, telecommunications and science and technology and they have set up funds to facilitate investment in high technologies.
Anil Ambani-promoted Reliance Natural Resources has filed an affidavit in the Bombay High Court in the case involving Reliance Industries, refuting the petroleum ministry's stand that the government-approved price of $4.2/million metric British thermal unit (mmBtu) is the selling price of gas.
The two sides had approached Supreme Court challenging a decision by the Bombay high court on June 15, which said RIL should provide 28 million cubic metres of gas per day to RNRL at $2.34 per mmBtu and both the parties should sign a necessary agreement for the same within a month.
Reliance Natural Resources Ltd (RNRL) on Monday continued to slide, falling 9.47 per cent to touch a one year-low of Rs 47.75 on the Bombay Stock Exchange, after the Supreme Court ruled against the company in a gas dispute with Reliance Industries.
RNRL had sought 28 mscmd of gas for 17 years at $2.34 per million British thermal units (mBtu) from Mukesh Ambani's RIL.
Read the full text of the Supreme Court ruling in the Krishna Godavari Basin gas dispute between Mukesh Ambani-led Reliance Industries Ltd and Anil Ambani's Reliance Natural Resources Ltd.
With the Supreme Court likely to announce its judgement on the gas price tussle between Ambani brothers next week, the share price of Reliance Industries Ltd has taken a sharp knock while Reliance Natural Resources Ltd witnessed a spike.
The chief ministers of five mineral-rich states on Wednesday urged Prime Minister Manmohan Singh for local value addition in the National Mineral Policy (NMP). They also argued that foreign firms must not be allowed to grab control of prized natural resources. The team consisted of Orissa Chief Minister Naveen Patnaik, Chhatishgarh CM Raman Singh, Jharkhand CM Madhu Koda, Madhya Pradesh CM Shivraj Singh Chauhan and Rajasthan's Vasundhara Raje.
Industrialist Anil Ambani on Tuesday dared the petroleum ministry to take back the ownership of gas fields from Reliance Industries Ltd if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore (Rs 500 billion).
The Supreme Court on Monday asked Mukesh Ambani-run Reliance Industries Ltd and Anil Ambani group firm Reliance Natural Resources Ltd to reply to the government's prayer for declaring 'null and void' their family agreement on gas supply, and posted the matter for hearing on September 1.
Mukesh Ambani-led RIL said on Friday it would not be possible to supply gas to Anil Ambani group firm RNRL without the government's nod and requested the Supreme Court not to restrain it from selling gas to others.
During the arguments in the court, Justice J N Patel remarked that the court would like to spend the Diwali vacation writing out the order and would like the parties involved to finish their arguments before that. "We are not hearing the matter because Reliance Industries is a big company. We are hearing it because it is in the nation's interest," remarked Justice Patel.
Blaming RIL for delay in starting its Dadri power project, RNRL said it was RIL's wrongful conduct that delayed its gas-based power plant by four years. However, it had sought a direction to RIL to supply the gas immediatley to it. On July 7, the Supreme Court issued notice to RIL, RNRL and the Centre (as intervener) on cross-appeals by both the companies on their gas supply dispute.
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Mayank Ashar talks about India's business environment.
Last week, RIL moved the apex court challenging the Bombay high court order that asked it to supply 28 mmscmd of gas to RNRL at $2.34 per mmbtu.
Black Panther: Wakanda Forever makes you mourn the legend that was Chadwick Boseman, but also assures that forward is the only way to go, observes Mayur Sanap. Black Panther: Wakanda Forever
India abstained in the United Nations General Assembly on a draft resolution calling for Russia to be held accountable for violations of international law by its invasion of Ukraine and requiring Moscow to pay reparations to Kyiv for damages, loss and injury resulting from the war.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC -- the first instance of a retired person being appointed the head of a Maharatna PSU. "The Appointments Committee of Cabinet (ACC) has approved the proposal of ministry of petroleum and natural gas for appointment of Arun Kumar Singh, ex-CMD, BPCL as chairman, ONGC for a three-year tenure with effect from the date of his assumption of charge of the post," an official order said. PTI first reported of Singh's appointment on November 17.
A division bench of Justices J N Patel and K K Tated said that the new agreement should be as per the memorandum of understanding between the Ambani brothers Mukesh and Anil. The MoU stipulates that RIL would supply 28 mmscmd of gas to RNRL for 17 years at the rate of $2.43 per million British Thermal Units.
The Institute of Rural Management, Anand, invites applications for its Fellow Programme in Rural Management.
A special on Vivekananda Kendra Natural Resources Development Project, an NGO involved in groundwater augmentation through rainwater harvesting and artificial recharge.
The Communist Party of India Marxists said that Reliance gas pricing was 'artificially inflated.'
"There would be no impact on the government at all and it would suffer no loss whatsoever. RIL would also make a profit of Rs 30,000 crore (Rs 300 billion) at this rate," RNRL said in an affidavit before a bench headed by chief justice K G Balakrishnan.
Canada has indicated that it is keen to cooperate with India in nuclear energy and infrastructure and sought stronger trade ties in return, including a free trade agreement.
Anna University is offering a two-year programme in Coastal Management for the 2007-2008 academic year.
'Who are the people who are dying?' 'What is their profile?' 'We need to know these things.' 'We do not take health issues seriously.'
As our planet depletes natural resources at a frantic pace, one brand of alchemy that will become critical to humanity's survival is technology that turns sea water into drinking water.
Senior United Nations experts have said that lack of investment in agriculture over a long period of time and the use of precious natural resources for bio-fuel production have also contributed to the current food crisis. The use of crops for bio-fuel production had also contributed to the worldwide rise in food prices, since it meant that a part of our natural resources had to be diverted away from the production of food crops. The experts were talking in a conference in NY.
RIL is relying upon the pleadings in RIL Vs RNRL case to support its defence against NTPC.
"I stand with the last person in the line. The exploited, marginalised and the persecuted. Their religion, caste or beliefs matter little to me," Gandhi said.
'If the government starts playing favourites, if the government acts in a manner which is not transparent, then natural resources which belong to not just you and me, but future generations, they fritter away. The anger against corruption, the anger against India's natural resources being looted is a consequence of the fact that within society there is a huge amount of turmoil and discontentment. Why should an Empowered Group Of Ministers or the Cabinet Committee on Economic Affairs decide the administered price of gas?' asks Paranjoy Guha Thakurta in this exclusive interview with Rediff.com's Sheela Bhatt.
Lawyer T S Doabia told the court the government's approval was necessary for the rate at which RIL sells the gas to other private parties. The division bench of Justices J N Patel and K K Tated pointed out that, according to RNRL, the government stated in Parliament it would not be fixing the gas price, except for its own share. When told this was not contrary to what Doabia was saying, the court asked him to file an affidavit, clarifying the government's position.
The main issue in the case is terms of Gas Supply Master Agreement whereby Mukesh Ambani-led RIL is to supply natural gas from its Krishna Godavari reserves to Anil Ambani's RNRL. Both parties have filed appeals before division bench, not satisfied with single judge's verdict last year.
Anil Ambani's Reliance Natural Resources Ltd is laying claim (through a family agreement prior to the group's split) to gas from estranged brother Mukesh Ambani's Reliance Industries Ltd at a fixed price of $2.34 per mBtu
Politicians and Twitter warriors around the globe have a new buzzword among them: Net zero. Everyone appears to be keen to state their commitment to net zero, with India providing an outlay of Rs 35,000 crore to achieve energy transition and net-zero objectives in its Budget for FY24, even as the latest and final report by the United Nations' Intergovernmental Panel on Climate Change (IPCC) warned that current efforts are not enough to curb global warming. A number of small factory owners and businesses, however, have pointed out that the transition to net-zero emissions will cost them hugely.
Gas production from the country's biggest gas block is less than a year away, but Reliance Industries (RIL), operator of the block in the Krishna-Godavari basin, and Reliance Natural Resources (RNRL), the biggest buyer of gas from the block, have not made headway on renegotiating the sales agreement.
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