Anil firm to make Rs 3,50,000 crore profit from trading


Anil Ambani Group’s Reliance Natural Resources Ltd (RNRL) wants RIL’s KG-D6 gas at preferential price of USD 2.34 per mmBtu but would supply the fuel to the group’s power firms at market rates, thus making Rs 21,000 crore profit a year for 17 years, RIL said in reply to the petition filed by the firm.

In addition, RIL claimed the Anil group’s power company that is setting up the Dadri plant in Uttar Pradesh, would make a windfall profit of Rs 70,000 crore as the entire fuel cost (the price at which it gets gas from RNRL) will be passed on to the consumer. Citing the State Support Agreement signed in 2004 between the Uttar Pradesh government and Reliance Energy, RIL said Dadri project will get a fixed cost tariff of Rs 1.25 per unit, twice the industry norm for gas-based projects.

Earlier, RNRL had accused RIL of trying to make super-normal profit of Rs 50,000 crore by selling gas at higher price.  “Thus, all actions of RNRL are clearly motivated by commercial greed, with the goal of pocketing trading profits,” RIL said.

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