RNRL To Produce Reliance MoU In Court

The memorandum of understanding (MoU) between estranged brothers RNRL To Produce Reliance MoU In Court Mukesh Ambani and Anil Ambani would be produced in court on Wednesday. This is the basis of division of Reliance group of businesses between the two brothers. The lawyers for the Anil Ambani-owned Reliance Natural Resources Ltd (RNRL) confirmed they would appraise the court about the relevant contents of MoU to resolve the dispute in the largest corporate house of India. 

The legal counsel for the Reliance Natural Resources Ltd, Ram Jethmalani said the MoU is very important for the reliance family. He expressed hope that the matter would be sorted out shortly. However, the counsel of RIL, Harish Salve wanted court to avoid production of MoU in the court. He also urged the court to maintain the privacy of the family document. The court directed both parties to complete arguments before the two weeks Diwali vacations.

It is recalled that RNRL claims of 28 million standard cu. m per day of gas for 17 years at $2.34 (Rs112.32 today) per million British thermal units (mBtu) from the gas reserve located at Krishna-Godavari basin of east India. RIL is insisting to provide gas at the government approved price of $4.20 per million British thermal units. This is a major cause of dispute between two brothers.