RNRL-RIL Awaits Supreme Court Verdict

DELHI, INDIA (GaeaTimes.com)-RIL (Reliance Industries Limited) versus RNRL (Reliance Natural Resources Limited) tussle might come to an end this week as the Supreme Court goes ahead to declare its decision for the case. Reportedly, the verdict of the RIL and RNRL case is the centre point of all major discussions in the market.

As a matter of fact, RIL which is now fighting the case against RNRL has never approved the plan at the first instant when Anil Ambani came up with the idea of setting up a gas operated power plant for Uttar Pradesh in the Dadri region way back in the year of 2004.The rift between the two brothers Anil Ambani and Mukesh Ambani initiated with the business split over their father Dhirubhai Ambani’s death. After the founder of Reliance passed away, RIL got separated into two parts in the year of 2005. Shortly after the business split, RIL posed to be the lowest bidder in accordance to the gas supply targeted towards NTPC. Surprisingly the bid was priced at $2.34 per unit for the gas.

The Supreme Court’s decision shall settle the dispute between RNRL and RIL following an agreement that was signed by RIL in the year of 2006 that handed over the gas supply rights to Anil Ambani’s company RNRL. RNRL was handed over to Anil Ambani way back in the year of 2006 which made him quite unhappy about the terms and conditions mentioned in the agreement which provoked him to approach the Mumbai High Court. Mukesh Ambani never came to settlement with modification of the agreement terms which made RNRL and RIL face each other in the legal tussle in Supreme Court.