A spokesperson of Mukesh Ambani-led Reliance Industries today said that the action was prompted by a payment “default” on the part of Reliance Infrastructure for gas supplied during the first fortnight of September. Pursuant to this, RIL invoked the letter of credit (bank guarantee) to recover an amount Rs 12 lakh towards marketing margin for supplies in first half of this month, sources said.
Questioning the legality of RIL’s notice of September 22, Anil Amibani group’s Reliance Infra shot back a letter saying: “Until this bonafide and genuine dispute with regard to legality of charge towards marketing margin is resolved, you are not entitled to suspend” the supplies. “The notice has been issued due to default committed by Reliance Infrastructure Ltd in payment of the amounts due to RIL under the invoice for gas supply during the first fortnight of September 2009,” the RIL spokesperson said. “We are continuing to make the payment of lawful sales consideration at the rate of US$4.2 per mmBtu and are entitled to receive uninterrupted supply of gas under the GSPA (Gas Sale and Purchase Agreement),” R-Infra replied.
Marketing margin
“... you (RIL) will be entirely responsible for any loss or damage that will be caused to us as a result of any ill- advised action taken by you for non-payment of the illegal charge of marketing margin,” ADAG firm said, adding that the notice was “misconceived, malafide and is liable to be withdrawn with immediate effect,” R-Infra said.
Reliance Infra has been getting gas from RIL for its 220-megawatt Samalkot power plant in Andhra Pradesh for the past five months at a price of US$4.2 per mmBtu and marketing margin of 0.13 per mmBtu. “On September 22, 2009, RIL has issued a notice to Reliance Infra for suspension of supply of gas to its power plant in East Godavari, Andhra Pradesh...
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