Reliance says 'no claim of $30 billion' against co, BP; rejects media report as 'factually incorrect'

Mukesh Ambani-led Reliance Industries Limited on Monday rejected a media report claiming that the government has sought $30 billion from the company and its partner BP over alleged underproduction from the KG-D6 gas block, asserting that no such claim exists, calling the report 'factually incorrect'.

“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," RIL said in its statement to the exchanges.

Reliance said there is no claim of $30 billion against Reliance Industries or BP. The company clarified that the claim made by the Government of India in relation to the KG-D6 block is of the order of $247 million, and not the figure cited in the media report.


The conglomerate added that the $247 million claim has been appropriately and consistently disclosed in its annual audited financial statements in accordance with applicable disclosure requirements.

Moreover, the company said that the matters referred to in the report are entirely sub judice and will be determined in accordance with the laws of the country by the judicial system, in which it has full faith.

Reliance further stated that it, along with its partner BP, has at all times complied with its contractual and legal obligations, and said it takes strong exception to what it described as the mischaracterisation of facts in the report.