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The Delhi High Court has ruled against Reliance Industries Ltd. and its partner BP Plc in a gas siphoning case involving $1.729 billion. The court upheld the government's claim that Reliance siphoned gas from the adjacent block operated by ONGC in the Krishna-Godavari basin off the Andhra Pradesh coast. This decision sets aside a 2018 ruling by an international arbitral tribunal that had favored Reliance, stating that the company was not liable for compensation regarding gas migration. Following the ruling, Reliance Industries announced plans to appeal the decision in the Supreme Court. Analysts from Jefferies have maintained a 'Buy' rating on Reliance shares, with a target price of ₹1,660 per share, despite the adverse ruling.
#MukeshAmbani-promoted #Reliance Industries (RIL) says it will appeal before the #SupremeCourt against the recent #DelhiHighCourt judgment on gas migration. https://t.co/M5OBSG9U39
#CNBCTV18Market | #Jefferies maintains a Buy call on #Reliance with a target of ₹1,660 per share. The DHC has overturned its own decision in the KG D6 block case, ruling in favour of the government, which requires the RIL-BP consortium to pay $1.55 billion. Despite this, no… https://t.co/uOwq6awftV
Reliance Industries Arbitration Case The Delhi High Court has ruled against Reliance Industries, led by Mukesh Ambani, and its partner BP Plc in a gas-related case. Earlier, an international tribunal had said they don’t have to pay any compensation for gas that allegedly moved…
