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Ambani brothers enter new pact to bury differences
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SME Times News Bureau | 24 May, 2010
Burying their differences, the respective Reliance groups led by brothers Mukesh and Anil Ambani Sunday said they have entered into a new and simpler non-compete pact that will help resolve the Krishna-Godavari gas dispute.
"These developments would eliminate any room for any further disputes between the two groups on matters relating to the scope and interpretation of non-compete obligations," the Anil Reliance Dhirubhai Ambani group said in a statement.
"All existing non-compete agreements between the two groups executed in January 2006 stand cancelled," the group said, adding the focus was now on an early negotiation of the gas purchase agreement as directed by the Supreme Court.
The group said the cancellation of existing non-compete agreement will provide enhanced operational and financial flexibility to both groups and greater ability to participate in growth sectors such as oil, petrochemicals, telecom, power and financial services.
"However, Reliance Industries Ltd (led by Mukesh Ambani) has agreed not to enter the gas-based power generation business for the period upto March 31, 2022. An appropriate exception has been made in respect of its captive gas based power plants."
Sunday's development comes in the wake of a Supreme Court order May 7 that ordered re-negotiation of the agreement on the supply and pricing of natural gas from the Krishna-Godavari basin between Reliance Natural Resources and Reliance Industries.
The agreement between the two brothers concerned the price, quantity and tenure of gas supplies by Reliance Industries. It called for 28 million units of gas a day to be sold to Reliance Natural Resources at $2.34 per unit for 17 years.
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