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Negotiations to start next week

business Updated: May 07, 2010 23:42 IST
Mukesh and Anil Ambani

Sometime next week, warring brothers Mukesh and Anil Ambani will sit across the table for renegotiations on the gas agreement as ordered by the Supreme Court, an official close to Mukesh told Hindustan Times.

The brothers’ meeting will be preceded by confabulations between top executives from both sides. “We will take the lead in starting renegotiations,” the official said.

But the stage is already littered with differences.

Reading into the judgment, Anil said in a statement that the court has upheld the June 18, 2005 family agreement as the “guiding force and the basis of the scheme of arrangements”.

On the other side, the Mukesh group said while the family agreement may be kept in mind during the process of renegotiation, it is not binding.

Anil ruled out filing a review petition, but said his group firm, Reliance Natural Resources Ltd (RNRL), “looks forward to expeditious and successful renegotiations with RIL within the stipulated period of six weeks”.

He maintains he is hopeful of getting secure supplies of gas for his proposed power plants.

“There are many other parameters apart from price and quantity that need negotiations,” Reliance Industries Ltd executive director PMS Prasad told Hindustan Times.

“These include parameters such as quality of gas, liabilities and penalties in the event of failure to supply or lift the gas.”