The Ambani brothers, Mukesh and Anil-led Companies have inked a Gas Sharing Master Agreement (GSMA) within the specified six months by the Supreme Court that annulled their disputed previous private agreement, stating that natural resource was a national resource.

In separate filing in the stock exchanges, both RNRL and RIL had signed the Gas Sharing Master Agreement.

While the RIL said the GSMA was in line with the gas Utilisation Policy and the Empowered Group of Ministers decisions, RNRL said it would take necessary actions to request the administration to expedite the allocation of natural gas to facilitate implementation of the revised deal.

The two firms didn't surpass the dotted lines and said the matter was now left to the administration.

The terms and conditions of the new agreement were not disclosed.

But, as per sources, RIL would supply 28 million metric standard cubic metres a day of gas for 17 years to RNRL for a government-set price of $4.2 per million metric British thermal unit (mmBtu).

During the last month, the SC terminated the elongated legal war over the deal between Mukesh and Anil and ruled in support of RIL.

It sought the two firms to renegotiate a gas supply deal within a period of 6 weeks. The previous agreement between the two companies was based on a price of USD 2.34 per mmBtu the brothers agreed on in 2005.

On May 23, the two brothers approved and signed an agreement cancelling all the existing non compete arrangements entered into between the two groups in January 2006 pursuant to the scheme of reorganisation of the Reliance Group. They entered into a new simpler non compete agreement with respect to only the gas based power generation.

The cancellation of the earlier agreement aimed at enhancing operational and financial flexibility of both the companies, besides greater ability to participate in high growth sectors of the economy, such as oil and gas, petrochemicals, telecommunications, power and financial services. RIL had agreed not to enter into the gas based power genration business for the period upto March one, 2022. (With Inputs from Agencies)