Reliance Industries Denies $30 Billion Claim Reports

Reliance Industries Limited (RIL) has firmly denied recent reports suggesting a $30 billion claim by the Indian government for underproduction from a gas field. RIL clarified that the actual claim is $247 million, consistently disclosed in financial reports, and criticized the media for misrepresenting facts based on unnamed sources.

Reliance Industries Limited (RIL) has categorically denied media reports alleging that the Indian government has imposed a $30 billion claim for underproduction from a gas field. Describing the reports as "factually incorrect," RIL issued a strong rebuttal on Monday, challenging the credibility of reports based on unnamed sources.

The company emphasized that the only claim in question is approximately $247 million related to the KG-D6 block, a figure regularly disclosed in its audited financial statements in line with regulatory standards. RIL dismissed the $30 billion figure as a gross misrepresentation.

RIL further stated that the legal matter is sub judice, underlining their faith in India's judicial system. Both RIL and BP reiterated their compliance with all contractual obligations and took strong exception to what they deemed a mischaracterization of facts in the report. (ANI)

(With inputs from agencies.)