Mumbai (Maharashtra) [India], December 29 : Reliance Industries Limited on Monday strongly refuted reports that claimed that the Indian government has raised a USD 30 billion claim against the company for underproduction from a gas field, calling the reports "factually incorrect."
The statement was issued in response to a report titled "India claims $30 billion from Reliance Industries, BP for underproduction from gas field, sources say." In an official statement, the company criticised the publication of such reports based on unnamed sources, calling them inappropriate and irresponsible.
"The contents of the report titled "India claims $30 billion from Reliance Industries, BP for underproduction from gas field, sources say" are factually incorrect. The publication of a report such as this based on unnamed and unidentified sources is inappropriate and irresponsible," the official press release said.
RIL clarified that there is no USD 30 billion claim against either Reliance or its partner BP. It stated that the only claim made by the Government of India in relation to the KG-D6 block amounts to approximately USD 247 million, which has been consistently and transparently disclosed in the company's audited annual financial statements in line with regulatory requirements.
"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," said the statement.
Reliance further noted that the matter referred to in the report is sub judice and will be decided by the courts in accordance with Indian law, which the company has full faith in. It added that Reliance Industries and BP have always complied with their contractual and legal obligations and strongly objected to what it described as a misrepresentation of facts in the report.
"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. Reliance Industries Limited, together with its partner BP has at all times complied with its contractual and legal obligations and take strong exception to mischaracterization of facts in the report," the statement added.
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