Reliance, BP slaps arbitration notice against Indian government over gas pricing delay

India's largest private sector company Reliance Industries along with UK oil giant BP and Canada's Niko, have filed an arbitration notice against the Indian government seeking a hike in natural gas prices.

According to the BBC, the firms operate India's biggest natural gas field, KG-D6, and had won an approval to nearly double their prices, but the implementation of that move was deferred by India's election watchdog ahead of the ongoing general elections.

The companies said that the continuing delay in increasing the prices was impacting their planned investments of close to 4 billion dollars (2.4bn pounds) this year, and that the firms were left with no other options but to pursue this course of action.

The company also added that this would also delay the ability of the parties to appraise and develop other significant discoveries made last year, the report added.