Mumbai : Facing criticism from certain political quarters over natural gas price hike, Reliance Industries Chairman Mukesh Ambani expressed confidence the company will win public trust as it believes in creating wealth and livelihood for millions in a transparent manner.
RIL said contrary to allegations, the government will be the biggest beneficiary of an increase in gas prices, with an annual revenue gain of 260 bln rupees.
In response to an indirect question on Aam Aadmi Party’s (AAP’s) allegations against the company, Ambani said the firm faced an ill-informed campaign filled with “false allegations, outright lies, and half truths”.
Ambani said efforts are on to maximise oil and gas output from its fields and the firm’s partnership with BP resulted in two significant discoveries in KG-D6 and CYD5 blocks. “Timely regulatory approvals and market-based gas prices are the key to developing these resources,” he said, adding that arbitration has been initiated against the government over a gas price revision that was due on April 1. This arbitration is in addition to one it initiated against penalties levied for producing less gas than targeted.
RIL will seek prompt resolution on both matters, he said.