RNRLReliance Natural Resources Ltd. (India)
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According to RNRL, which is in a legal dispute with RIL over the pricing of its natural gas supplies, RIL is allegedly only planning to take this step to maximise its profit.
RNRL accused RIL of artificially inflating its costs and decreasing its output to make super normal profits.
As legal representatives of only RNRL and Reliance Infra approached Sebi, it agreed to provide personal hearing to these two parties -- at 10 am on September 3, 2010, after following the due process.
The apex court had said the RIL cannot supply gas to the RNRL and its power plants at 234 dollars per unit, which is what the brothers had agreed to in a private agreement in 2005.
RNRL is also fighting a case related to the gas supply to the Dadri plant against Mukesh Ambani led Reliance Industries Limited (RIL) in the Supreme Court.
The company's boards also approved an exchange ratio of one equity share of RPower for every four equity shares of RNRL.
The court was hearing of the gas price dispute row between RNRL and Reliance Industries Ltd (RIL) on tapping the gas in the Krishna-Godavari Basin block.
It was imminent as RNRL lost relevance after RIL gas deal
Though not confirmed by either group, sources said that according to the terms of the new agreement, RIL will supply 28 million metric standard cubic metres a day ( mmscmd) of gas for 17 years to RNRL at the government- set price of $ 4.
However, the apex court has asked RIL and RNRL to begin renegotiations on a gas supply contract keeping the government approved price of $ 4.
The market was expecting some announcement with regard to RIL group stake in RCom and RNRL etc, which did not come as result of which ADAG group shares corrected," said Kishor Ostwal of CNI Research.
In fact, many punters were expecting Mukesh's RIL to announce a hike in shareholding in some of the Anil group companies like RNRL and Reliance Communications, as part of deepening their commitment for working together.