Reliance Industries Limited (RIL) has issued a statement addressing a media report regarding claims of $30 billion for underproduction from a gas field. RIL asserts the report is factually incorrect and based on inappropriate sources. The company clarifies that the actual claim by the Indian government is $247 million and has been consistently disclosed in audited financial statements.
Response to Underproduction Report
Reliance Industries Limited (RIL) has refuted the claims made in a recent media report titled “India claims $30 billion from Reliance Industries, BP for underproduction from gas field, sources say”. The company states that the report’s contents are factually incorrect and based on unnamed and unidentified sources, rendering it inappropriate and irresponsible.
Clarification on Claim Amount
RIL clarified that there is no claim of $30 billion against Reliance and BP. The actual claim made by the Government of India in relation to the KG D6 Block is of the order of $247 Million. RIL emphasizes that this amount has been appropriately and consistently disclosed in the Company’s annual audited financial statements, adhering to all disclosure requirements.
Legal Position
The company highlights that the matters referred to in the media report are sub judice. Any determination will be made in accordance with the laws of the country and its judicial system, in which Reliance has full faith. Reliance Industries Limited maintains that it, along with its partner BP, has at all times complied with its contractual and legal obligations.
Mischaracterization Exception
Reliance Industries Limited takes strong exception to the mischaracterization of facts presented in the media report. The company reaffirms its commitment to transparency and adherence to legal and contractual obligations.
Source: BSE
