Mukesh Ambani’s Reliance Industries Ltd (RIL) may have to disclose its assets before it can freeze plans to sell 20% stake in its refining and petrochemicals business to Saudi Aramco.
WHY?
The Delhi High Court on Friday asked RIL and British Gas to disclose their assets.
In an application filed in September,
The government had sought curbs citing the failure of the two companies to honour their payment under a $4.5 billion international arbitral award in the Panna- Mukta and Tapti production sharing contracts.
PANNA-MUKTA AND TAPTI PRODUCTION SHARING CONTRACTS
Panna-Mukta and Tapti (PMT) is a joint venture.
In this ONGC held 40% stake, while RIL and BG Exploration owned 30% stake each.
The joint venture expires on 21 December 2019.
GOVERNMENT CHALLENGED RIL & BG IN UK COURT
According to the government, RIL and its partner are required to pay $4.5 billion with interest.
SO WHAT GOVERNMENT WANTS?
The government has insisted that RIL & BG must provide adequate security before entering into any big deal.
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