"Factually incorrect, irresponsible": Reliance refutes reports of $30 bn claim by Indian govt

Reliance Industries Ltd on Monday (December 29) issued a statement clarifying that reports claiming the company and BP face a $30-billion claim for underproduction from the KG D6 gas field are factually incorrect.

The company said, “The publication of a report such as this based on unnamed and unidentified sources is inappropriate and irresponsible.”

It added, "There is NO claim of $30 Billion against Reliance and BP. The claim made by Government of India in relation to KG D6 Block is of the order of $247 Million which has been appropriately and consistently disclosed in the Company’s annual audited financial statements, in accordance with its disclosure requirements."

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Reliance added that the matters referred to in the report are “entirely sub judice and would be determined in accordance with the laws of the country by its judicial system, in which Reliance has full faith.”

The company further stated, "Reliance Industries Limited, together with its partner BP, has at all times complied with its contractual and legal obligations and take strong exception to the mischaracterisation of facts in the report."

The clarification comes in response to a report claiming that India had made a $30-billion demand from Reliance Industries and BP for alleged underproduction from the KG D6 block.

Shares of Reliance Industries Ltd ended at ₹1,546.70, down by ₹12.50, or 0.80%, on the BSE today, December 29.

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