Anil Ambani dares OilMin to take back gas fields from RIL | business | Hindustan Times
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Anil Ambani dares OilMin to take back gas fields from RIL

Industrialist Anil Ambani dared the Petroleum Ministry to take back the ownership of gas fields from RIL if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore.

business Updated: May 15, 2012 17:16 IST

Industrialist Anil Ambani on Tuesday dared the Petroleum Ministry to take back the ownership of gas fields from RIL if it seriously believed that terms of the contract were violated by Mukesh Ambani-led firm, which he alleged was wanting to make a super-profit of Rs 50,000 crore.

In a scathing attack on the Ministry, Anil told the shareholders of group firm RNRL "it is evident that the apparently biased stance commenced in 2006, coinciding with the changes in the ministry.

"I'm sure all private companies in India wish that if they make commercial decisions, they wish to get out of, they too had a saviour to help bail them out as in the case of RIL."

While Murli Deora, whose ministry has sought annulment of the gas supply contract between RIL and RNRL in the Supreme Court, declined to comment, Petroleum Secretary R S Pandey hit back saying that Anil's gas pricing formula would make the country subservient to RIL.

Alleging volte-face by the Petroleum Ministry, Anil said that though it stated in Parliament that it had no role in commercial dispute or in fixing the sale price of the gas, it has now gone to the Supreme Court challenging a commercial contract between two corporate entities.

"The bogey of sovereign ownership is being raises with the sole purpose of attempting to bail out RIL and help them renege on their contractual commitments," he said.