Ambanis rubbish settlement rumours

Both Reliance Industries and Reliance Natural Resources have denied reports of an out-of-court settlement. RNRL has issued a statement saying the out-of-court settlement rumours is baseless and speculative. While the Counsel for Reliance Industries says Mukesh Ambani says that no settlement was possible.

Earlier, there was huge speculation in the markets of a deal brewing between the Ambani brothers. Deepak Parekh, Chairman, HDFC, was said to have orchestrated the deal. The settlement was rumoured to be at the gas price of USD 3.65 per mmbtu. Rumours also indicated that the Ambani brothers had sorted out their issues regarding Reliance Communications and that the LyondellBasell announcement was likely post settlement.

The RIL Counsel says, "We can't wait for ADAG's Dadri unit to come up for hiking our gas output. We can't have a definitive 17-year gas supply pact with RNRL. We are ready to sell gas to RNRL subject to availability, price."

The RNRL Counsel alleged that the government is the sole owner of gas till the delivery point. "RIL has no stake in the gas, as it is just a lifting agency for the government. Once the government fixes the gas price there are no valuations involved."

The RIL Counsel added, "We have not yet heard from the government on the extra D6 gas allocation.”

Also Read: See settlement on the cards in RIL-RNRL dispute: SP Tulsian

However, Reliance and ADAG group stocks continue to see trading interest.