SC’s verdict may help further RIL-BP talks

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SC’s verdict may help further RIL-BP talks

The Supreme Court’s verdict favouring Reliance Industries (RIL) in the legal feud with Reliance Natural Resource (RNRL) may help further its talks with BP, say sources to CNBC-TV18.

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The Supreme Court's verdict favouring Reliance Industries (RIL) in the legal feud with Reliance Natural Resource (RNRL) may help further RIL, its talks with BP, say sources to CNBC-TV18.

BP has welcomed the decision of the SC upholding the sanctity of the Production Sharing Contract (PSC). It says that Government's PSC will overwrite all the prior agreements and the MoU between the Ambani brothers is not binding.

Earlier BP had initial talks with RIL for a possible stake in the Krishna-Godavari D6 region. BP was also in talks with RIL to pick up stake in RIL's exploration and production (E&P) assets. However, the long-drawn battle between RIL and RNRL was a hurdle in the RIL-BP talks.

Sources say that timeframe for the RIL-BP is uncertain due to the Gulf of Mexico crisis.

In the verdict on one of the fiercest corporate battle between the Ambani brothers, the Supreme Court ruled in favour of RIL by 2:1.The SC also declared that RIL and RNRL must renegotiate in six weeks.