A media statement issued by the Company is attached.
RELIANCE · price
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Reliance Industries has issued a media statement calling a recent news report factually incorrect, inappropriate, and irresponsible. The report had claimed that India is seeking $30 billion from Reliance and BP for underproduction at a gas field. The company clarified that there is no $30 billion claim, and the actual claim by the Government of India in relation to the KG D6 Block is around $247 million. Reliance stated this $247 million figure has already been consistently disclosed in its audited annual financial statements. The company also noted that the matter is sub judice (under judicial consideration) and that it, along with partner BP, has at all times complied with its contractual and legal obligations. Reliance has taken strong exception to what it calls the mischaracterization of facts in the report.
This is a defensive clarification aimed at correcting what Reliance views as exaggerated media coverage. While the company rejects the $30 billion figure, the underlying government dispute over the KG D6 block is a known overhang, and the matter remains in court. Short-term sentiment may see mild volatility due to the dispute, but the clarification itself does not change Reliance's fundamentals. Investors should monitor the ongoing legal proceedings for any further developments.