SC has protected the interest of RNRL stakeholders: Anil

The Chairman of Reliance Anil Dhirubhai Ambani Group (ADAG), Anil Ambani, today said he was looking forward to an “expeditious and successful” renegotiation with RIL within six weeks to secure gas for the group’s power plant.

Ambani also said RNRL had no plan to file a review petition in the Supreme Court.

“We respect the judgment of the honourable Supreme Court and note that the court has safeguarded the interest of over 2.5 million RNRL shareholders, by giving the guidelines for an expeditious finalisation of the gas supply agreement between RIL and RNRL,” Ambani said while addressing the media.

“The Supreme Court has also upheld that the memorandum of understanding (MoU) signed on June 18, 2005, formed the backdrop of the scheme and is the guiding force and the basis of the scheme of arrangements for business reorganisation of RIL,” Ambani added.

The apex court, in its ruling, directed that the arrangements for gas supply should not only be suitable to RIL but also the shareholders of RNRL, whose interests have to be fully protected.

“At Reliance Power, we remain committed to emerging as India’s largest power producer, with fast-track execution of over 35,000 megawatts (Mw) of greenfield power generation capacity. Reliance Power’s gas-based power projects will provide 8,000 Mw of clean green power and the government has rightly recognised consumption of natural gas for the power sector as the second highest priority for the nation,” Ambani added.