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Fertiliser minister happy with SC

Minister of State for Fertilisers Srikanta Jena on Friday said the Supreme Court verdict on the gas dispute between the Ambani brothers has vindicated the government stand.

business Updated: May 07, 2010 22:46 IST

Minister of State for Fertilisers Srikanta Jena on Friday said the Supreme Court verdict on the gas dispute between the Ambani brothers has vindicated the government stand. “The Supreme Court judgment in the RIL-RNRL dispute has re-affirmed the government’s stand that natural gas is a national asset and the government is its legal owner.”

“The verdict will provide more stability and predictability to domestic gas prices in the country and boost investors' confidence,” he said.

The fertiliser sector will also stand to gain as it already enjoys the highest priority in allocation of gas, Jena said. The government has allocated about 15 mmscmd of gas from RIL’s Krishna-Godavari basin to urea manufacturers. India’s fertiliser subsidy increased from Rs 12,808 crore in 2001-02 to Rs 57,056 crore in 2009-10.