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Reliance Denies $30B Govt Claim as "Factually Incorrect, Irresponsible" Report

Reliance Industries has issued a strong rebuttal to media reports claiming the Indian government raised a $30 billion claim against the company for underproduction from a gas field. The company labeled the reports "factually incorrect" and irresponsible for relying on unnamed sources. RIL clarified the only government claim is approximately $247 million related to the KG-D6 block, which has been transparently disclosed in its audited financials. The company stated the matter is sub judice and expressed full faith in the judicial system to resolve it in accordance with the law.

Key Points: Reliance Refutes $30B Govt Claim Report as False

  • Denies $30B claim as false
  • Actual govt claim is $247M
  • Matter is sub judice in courts
  • Criticizes report based on unnamed sources
2 min read

"Inappropriate and irresponsible": Reliance Industries refutes reports claiming USD 30 billion by Indian government

Reliance Industries denies reports of a $30B Indian govt claim, calling them factually incorrect. The actual claim is $247M, disclosed in audited statements.

"The publication of a report such as this based on unnamed and unidentified sources is inappropriate and irresponsible. - Reliance Industries"

Mumbai, 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.

- ANI

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Reader Comments

P
Priya S
As an investor, I appreciate RIL's swift clarification. The difference between $30 billion and $247 million is astronomical. Such irresponsible reporting shakes confidence. Hope the courts settle this matter fairly and quickly.
R
Rahul R
While I agree the report seems exaggerated, we must also ask why there is a claim at all. $247 million is not a small amount for the public exchequer. Transparency from both the company and the government is key. 🇮🇳
A
Anjali F
The media should be more responsible. Imagine the employees and small shareholders who must have gotten worried seeing that headline. Good on Reliance for setting the record straight clearly.
D
David E
Working in the energy sector, I know these KG basin contracts are complex. The matter is sub judice, so it's best to let the courts decide based on the contract terms. Speculative journalism doesn't help anyone.
K
Karthik V
Respectfully, while the $30B figure may be wrong, the core issue of underproduction in a national resource block remains. Hope the judicial process is thorough and holds all parties accountable to their commitments. The nation's resources are at stake.

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