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Anil firm invites Reliance for talks

Mumbai, June 23: Anil Ambani-owned Reliance Natural Resources Ltd (RNRL) today invited Reliance Industries Ltd for talks to hammer out a gas supply agreement in accordance with a recent ruling by Bombay High Court.

A division bench of the high court had ruled that RIL would have to sell gas from its Krishna Godavari basin to RNRL at a price of $2.34 per million British thermal units (mBtu) for a period of 17 years.

The court had directed the parties to fix the terms for the gas supply deal in accordance with the memorandum of understanding (MoU) which had formed the basis for carving up the Reliance empire in early 2006.

Under the terms of the MoU, Reliance had committed itself to supply 28 million metric standard cubic meters of gas per day to the power plants of the Anil Ambani group.

Sources said RNRL had asked RIL to set the time and date for the talks where their representatives could firm up the gas volumes, price and other details. RIL had indicated that it was studying the implications of the judgment.

Many believe RIL will challenge the high court order in the Supreme Court.

RNRL has already filed a caveat in the Supreme Court to prevent any ex-parte order in the case.

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