The Mukesh Ambani led Reliance Industries (RIL) and its partner BP Plc have withdrawn an arbitration case pertaining to gas pricing policy, paving the way for higher gas prices from ₹40,000 crore of fresh investment the duo had announced earlier this week.
Confirming the development, a BP spokesperson told The Hindu , “The Gas Price Arbitration has already been withdrawn.”
Last year, RIL had dropped another case in which it had contested the government’s 2013 order to relinquish about 80% of the KG-D6 area. There are three more cases between RIL and the Centre totalling $4.5 billion, including cost recovery in the KG-D6 block, an amount the company must pay for unfinished minimum work and illegal gas production in the KG basin.
