Billionaire Mukesh Ambani-led Reliance Industries and its British partner BP Plc have withdrawn a legal challenge they had mounted three years back against the government over delay in gas price revision. The withdrawal of the arbitration will now entitle the two companies to marketing and pricing freedom on the natural gas they produce from newer fields in the deepsea at an investment of Rs. 40,000 crore by 2022.
Sources said the two companies moved to withdraw the international arbitration before Ambani and BP CEO Bob Dudley met Prime Minister Narendra Modi on June 15 morning. They completed the process within days. That day, Ambani and Dudley, in a rare press appearance, announced restarting the investment cycle in their Krishna Godavari basin KG-D6 block after eight years hiatus by taking up of three sets of deepsea discoveries for development at a cost of Rs. 40,000 crore. Read More…
Credit By : NDTV
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