Indian government just won over $1 billion price dispute with Reliance, British Gas
Advertisement
The Indian government won a dispute which was initiated six years back by Reliance Industries and Indian arm of British Gas.
The government won an international arbitration involving potential claim of more than $1 billion, following a gas price and royalty dispute in thePannaMukta and Tapti fields off the Mumbai coast .
The London-based arbitration panel dismissed RILBG's main demands for higher cost recovery limit.
Officials aware of the development told ET initial feedback indicated a favourable outcome for the Centre on major issues, but some ground was also given to the joint venture.
RIL is in the process of reviewing the FPA and the dissenting opinions in detail and shall be taking the appropriate next steps based on legal advice.
RIL and BG have 30 per cent stake each in the PMT fields and had initiated the arbitration in December 2010.
Advertisement
The government won an international arbitration involving potential claim of more than $1 billion, following a gas price and royalty dispute in the
The London-based arbitration panel dismissed RILBG's main demands for higher cost recovery limit.
Officials aware of the development told ET initial feedback indicated a favourable outcome for the Centre on major issues, but some ground was also given to the joint venture.
RIL is in the process of reviewing the FPA and the dissenting opinions in detail and shall be taking the appropriate next steps based on legal advice.
Advertisement
Advertisement
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market