RIL will supply gas to Anil’s plants: Mukesh

Agencies

Mumbai, 18 June 2010: Mukesh Ambani, chairman of Reliance Industries, on Friday assured gas supplies from the Krishna-Godavari basin to power-generation firms led by younger brother Anil and hoped for "harmonious" ties between the two groups in the future.

"With the legal dispute behind us, we hope for a harmonious and constructive relations with ADAG (Anil Dhirubhai Ambani Group)," Mukesh Ambani told the 36th annual general meeting of his company in Mumbai, referring to the prolonged battle over natural gas.

Supply to Anil Ambani Group’s power plants, including the one proposed at Dadri near Delhi, will be subject to government approving the allocation of the fuel.

 

 

Calling the Supreme Court verdict on Krishna-Godavari gas last month a landmark, he said his group was committed to all aspects of the production sharing contract with the government, including supplies of hydrocarbon to end users.

"As and when the plants of ADAD are ready, will start gas supply," he said, amid applause from the shareholders, many of whom have stakes in both their groups.

Mukesh, 53, however did not say when Reliance Industries will be entering into a new Gas Sales and Purchase Agreement (GSPA) with Anil’s Reliance Natural Resources Ltd (RNRL).

Clad in a dark suit, Mukesh Ambani opened the proceedings without much ado, even as his smiling mother Kokilaben, widow of the Reliance group founder Dhirubhai Ambani, and her elder daughter-in-law Nita watched.

The Birla Matoshree Auditorium was jammed with nearly 4,000 people, and many more stood inside the hall and outside on the campus. There was excitement outside amid speculation that Anil Ambani may also attend the meeting.

Police kept tight security all around the venue even as shareholders lined up to enter after security checks at the main entrance.

A huge gathering of journalists, both from print and electronic media, waited outside the auditorium for a glimpse of the members of the country’s leading business family make their annual public appearance.

But the media was not allowed inside to cover the proceedings.