RIL takes swipe at Anil Ambani without naming him

RIL takes swipe at Anil Ambani without naming him

“What makes the current campaign even more calumnious is that it has been launched not only when the matter is subjudice before the Supreme Court, but also seems timed to sabotage the government’s entire efforts to get investments under NELP-VIII,” RIL wrote to the oil ministry. Without naming Anil Ambani group, which apart from making public statements had brought out an advertisement campaign alleging that RIL stands to make super-normal profits with the support of the ministry, RIL offered to make any clarification that may be required on the subject.

“The interests of the country and its people are being unfortunately held to ransom by a group of people, who seem to be stopping at nothing, be it slander or blatant perversion of facts, to achieve their questionable aims,” RIL Chief (oil business) P M S Prasad wrote to Oil Secretary R S Pandey.

“In the case of KG D6 gas, the profit petroleum share of the government increases from 10 per cent to 85 per cent with progressive increase in the investment multiple,” RIL said in the letter on Thursday, calling the allegations as something that were  ‘plucked out of thin air’.

Misleading by NTPC
Prasad had also written to Pandey alleging that state power utility NTPC was misleading the government by denying knowledge of a mandatory price approval that RIL needs to supply gas at a contracted price of US$2.34 per mmBtu.

The PSC mechanism works on the principle that with lager reserves being established and increasing profitability, the government gets an exponentially higher share in the profit petroleum.